First-Time Homebuyer Tax Credit Extended (Closing Date Only)

Legislation was signed over the weekend to extend the closing deadline for the First-Time Homebuyer Credit. The extension moves the closing date requirement from June 30th, 2010 to September 30th, 2010. Please note that this does not open up the tax credit to those that do not already have an executed purchase agreement…it just allows those who had a purchase agreement in place by April 30th, 2010 to be able to close at a later date and still receive the tax credit.

Many soon to be homeowners were running into issues with short sales taking longer than expected to get approved or were having issues getting financing in time for the previous closing deadline.