Homebuyer tax credit set to expire today

Under current law, eligible homebuyers who qualified for the tax credit of up to $8,000 by having a valid contract to purchase a home on or before April 30, 2010 must close on the home no later than today to qualify for the credit.  (To date, Congress has unsuccessfully attempted to pass a bill extending the required closing date to September 30, 2010.  However, the House has just passed HR 5623 and it could get a vote in the Senate as early as today.)  Most of the qualifying homes that haven't closed are short sale homes and buyers should have been keenly aware that sellers' lenders can take months to approve (or reject)  the transaction.  Unless the law changes, if those homebuyers don't close by end of business today they will lose the tax credit.

First time homebuyers in final days of tax credit

First time homebuyers have less than two weeks to qualify for the tax credit of up to $8,000. The homebuyers have until April 30th to be under contract on a home and close on it before June 30th.  The rush is on for some to meet the deadline.