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Tax Credit Deadline Extended to September 30th 2010

**** The below information was posted prior to June 30th. Since this time, the Senate and House have voted on Extending the Home Buyer Tax Credit until September 30th. **** Last step is for the President to sign off and make this official. ***

In case you have not heard, the Senate has approved the First Time Home Buyer (and Move Up) Tax Credit deadline. We still have a few more steps before this will become "official" but they are one step closer to making it happen.

Recently, the Senate has approved this extension to ensure that the First Time Home Buyers and Move-Up Buyers that are under contract will close/fund their loan and receive their tax credit. Based on reports, it showed that over 180,000 home buyers would miss out on their extension if the tax credit deadline is not extended.

Now, this does not mean that any 'new' contracts would be honored. This extension would only benefit those home buyers that had a contract signed by April 30th, 2010 and will not be able to close on their loan until after June 30th 2010, which was the original tax credit deadline date.

I was shocked at the number of loans that could not close within that original 60 day window, but was not as shocked after I heard how many of these purchases were Short Sales or Bank Owned property. Those transactions do tend to take much longer, especially when the Lender and/or Realtor are not familiar with the process.

So, if you have been under contract since April 30th, there may still be time to take advantage of the tax credit, up to $8000.

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

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John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 16 commentsJohn Cannata • June 22 2010 05:58PM
Tax Credit Deadline Extended to September 30th 2010
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