2010 Homebuyer Tax Credit Deadline Extension Gets Approved!

Good News!  President Obama signed off on the Homebuyer Assistance and Improvement Act of 2010 on Friday following a vote of 409-5 by the House and unanimous consent by the Senate to extend the deadline.

Eligible homebuyers who contracted to buy a home before the end of April and who qualified for the tax credit now have until Sept. 30th to close the deal.  The original deadline was June 30th.

“Millions of American families have taken advantage of the Homebuyer Tax Credit, giving a boost to home sales at a time when our housing market needed it most” said House Ways and Means Committee Chairman Sander M. Levin, D-Mich.

“The credit helped spur our economic recovery and also helped first-time buyers achieve their dreams of owning a home.  Today’s legislation helps ensure the credit works for people who followed the terms of the incentive and need a little more time to close on their pending contracts” he went on to say.

Many homebuyers faced delays in the mortgage approval process because lenders were so backed up with buyers scrambling to close on their homes before the original June 30th deadline.  Lucien Salvant, a spokesman for the National Association of Realtors says that “A lot of lenders weren’t’t able to handle the influx of loans that came with the tax credit.”

With the tax credit deadline extended until September 30th, homebuyers will have the time they need to complete their purchases and qualify for the tax credit.  “Up to 180,000 homebuyers will now receive the tax credit they deserve and our housing will be strengthened as a result,” says House Speaker, Nancy Pelosi.

Details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-time Homebuyer Credit page on IRS.gov.

Charlotte NC Real Estate Professional

North Carolina REALTOR®, Leigh Brown, is a leader in the Charlotte, NC market. Leigh can assist you with buying a home in the Charlotte metro-area or aggressively market your existing Charlotte, NC home for sale.

Leigh is also a Certified Distressed Property Expert (CDPE) committed to helping families in financial distress find options to foreclosure.  She’s got the solution you need!

You can reach Leigh by filling out her online contact form or give her a call at (704) 688-5005, or toll free at (866) 440-7136.

Leigh knows Charlotte. Give her a call today and let her do the work for you!

Sources:
http://www.irs.gov
http://www.mortgagenewsdaily.com
http://money.usnews.com/