Amendment gives homebuyers who were under contract by April 30 an extra three months to close and claim the federal tax credit.
Palm Coast, FL – June 17, 2010 – Realtors, home buyers and sellers are all pleased with the U.S. Senate’s passage of an amendment to HR 4213 that will extend the deadline for closing for home buyers under contract by April 30, 2010. The original deadline of June 30 was extended to September 30. The amendment does not extend the program. Beneficiaries of a tax credit are still required to have been under contract by April 30.
Banks simply could not process the number of mortgage applications or approve the flood of short sales in time for many who made the April 30 "under contract" deadline.
IMPORTANT UPDATE, June 18, 2010: Tax Credit Extension Delayed