Home Buyer Tax Credit Extended to Sept. 30th

So Congress finally got its act together and passed a bill extending the closing deadline for claiming the federal home buyer tax credit for real estate buys until September 30, 2010.  The extension will be retroactive so that the thousands of buyers and sellers who have been mired down by small sales or the lengthy mortgage approval process will not miss out on the credit.

The Legislation  – HR 5623, the Homebuyer Help and Improvement Act of 2010 — was passed by the Senate on Wednesday was just awaiting Obama's signature. Homebuyers eligible to claim the tax credit who were under contract by April 30 now have until Sept. 30 to close the deal.  The National Association of Realtors data indicates that New York  is the 4th highest state with pending closings that could miss out on the tax credit if the deadline were not extended. 

The loss of the home buyer extension has impacted mortgage applications. The Mortgage Bankers Association reported the beginning of June that demand for buy loans was down 35 percent from a month ago as homebuyers have yet to return to the market following the expiration of the homebuyer tax credit on April 30th.

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