The Home buyer Tax Credit Has Been Extended Until September 30th, 2010

September 30th Home Buyer Tax Credit Extension

Today the Senate with a vote of 60-37 approved a three month extension plan for home buyers that weren’t able to make the June 30th, 2010 deadline for their up to $8,000 tax credit.

The previous home buyer tax credit guidelines for 2010 stated that a home buyer had to have a contract signed by April 30th, 2010 and actually close on the home by June 30th, 2010. With this new extension, home buyers will have an additional three months to finalize their loan, terms, title issues or any other problems/delays that may have prevented them from closing by the June 30th deadline.

Realtors have pushed to extend this tax credit deadline due to many homes not being able to make it for many reasons. “If Congress fails to act promptly, then prospective home buyers might not get the benefit of a homebuyer tax credit even though they have completed contracts.”

This extension helps about 180,000 home buyers who have already signed contracts get their tax credit of up to $8,000.