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Not so fast!! *** Senate approves home tax-credit extension

** Update**

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!

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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.

John McClellan

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{ 3 comments… add one }
  • Torquil Creevy June 17, 2010, 4:12 PM

    Hi John

    I just wanted to correect the wording in your article about the Home Buyer Tax Credit extension.

    This extension only applies to contracts dated april 30th or BEFORE. Not as stated in your article, SINCE,  April 30th.

    Please correct your article as your statement is misleading information and will confuse Home Buyers that are currently looking to Buy a Home.

    All The Best

    Torquil Creevy
    Realtor The Samford Group

  • khoerner June 17, 2010, 4:19 PM

    Ah yes, that’s what we meant. 🙂 Nice catch, now fixed. Thanks!
    – ARED staff

  • Mrs Boddie June 17, 2010, 11:01 PM

    home tax-credit extension

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