The proposed EXTENTION to the CLOSING DATE for the Home Buyer Tax Credit DID NOT PASS yesterday.
Unfortunately it was attached as part of a much larger Jobs Bill that would have extended unemployment benefits another 6 months, and added $33 Billion to the deficit.
The proposed bill would have extended the closing date on purchase agreements written prior to April 30th 2010 to have until Sept 30, 2010 to close. Currently those transactions must close by June 30, 2010 to get the credit, and many transactions appear to not be able to make that deadline date. Those facing trouble meeting the dealline date are primarily transactions involving short-sales.
Stay tuned for more details.
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Joe Metzler is a Certified MN Mortgage Specialist (MMS). He and his team at Mortgages Unlimited are proud to provide home mortgages loans for First time home buyers in Minnesota and Wisconsin.
Copyright © 2010 by Joe Metzler, Mortgages Unlimited, Saint Paul, MN