Tax Credit Closing Deadline Extended

For first time home buyers who got a contract on a home by April 30, they were supposed to close by June 30 to ensure they received the tax credit.  However, due to 180,000 loans in banks’ and lenders’ pipeline trying to be closed by that date, many worried their loan would not be finalized in time.  To help be sure these home buyers get their credit, the Senate just passed a measure that extends the closing date from June 30 to September 30, 2010.  This should allow banks and lenders the time they need to close these outstanding loans.

For those of you who were worried you wouldn’t make the June 30 deadline, now you can rest easy knowing the extension is in your favor and should allow banks and lenders the time they need to close your loan!

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