ON a point-of-order vote taken the Senate has now voted against the bill that contains the extension! Now the Senate Finance Committee will have to rework the overall proposal before another vote is taken. Once the Senate has finished, the House will have to take it up. Washington insiders do believe, though, that the Credit will be extended in time to help those not able to close by end of June. Stay tuned!
On Wednesday night the Senate approved a plan to extend the Homebuyer Tax Credit through September 30, 2010. This extension is only for those who have been under contract on or before the April 30 deadline. Currently, borrowers wishing to take advantage of this program would have to close by June 30 (end of this month) to take advantage of the credit. The proposal was approved by a 60-37 vote and was added to an existing bill that would extend jobless benefits through November.
This move should relieve some pressure on Lenders, Builders, and Title Companies to get these all closed before the end of this month.