Obama signs homebuyer tax credit closing date extension

Today, President Obama signed the homebuyer tax credit closing date deadline extension into law.  Previously eligible home buyers were required to have a valid signed purchase contract on or before April 30, 2010 and close no later than June 30, 2010.  (Many short sale homebuyers had valid contracts on or before April 30th but still had no response from the seller's lender by June 30th.)  The closing date only now has been extended to September 30, 2010 for those eligible homebuyers who had valid purchase contracts on or before April 30, 2010.  Sadly, many short sale homebuyers will still be waiting for a response from the sellers' lenders come September 30th.

Homebuyer tax credit extended and expanded

Congress has passed an extension of the $8,000 tax credit for qualifying first time homebuyers and expanded it for a $6,500 credit for qualifying homebuyers who are not first time home buyers.   It is anticipated that the President will sign the bill as soon as tomorrow.  The National Association of Realtors has provided a comparison of the existing and new programs and brief summaries at this link.  More details to follow.