Home Buyer Tax Credit - Potential Extension

An Amendment to H.R. 4213 has been presented to provide an extension on the close date for the tax credit that was made available for home buyers who contracted by April 30th. This is not an extension to qualify for the tax credit; in other words, newly contracted home purchases will not qualify for the tax credit originally offered. This is simply to extend the close date for home buyers that were under contract by the deadline of April 30. 2010. According to the National Association of REALTORS®, the amendment to H.R. 4213 would allow the tax credit closing deadline to be extended to September 30, 2010.

With so many first time home buyers taking advantage of the tax credit offered, many banks have been overwhelmed with an enormous amount of loan applications they have to process. This puts the buyer in a bad position to lose their tax credit. Let’s not assume that the buyer or REALTORS® are at fault, in fact, one may want to blame the banks, but that would also be unfair. An overwhelming amount of anything in any industry can cause delays. It will be up to the Senate and House (No pun intended) to pass legislation on the extension of the close date. If you are a first time home buyer, get involved by calling your local legislator and encourage them to pass the amendment to H.R. 4213.

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