Great News! Congress passed a bill extending the Homebuyer Tax Credit. The new deadline allows properties that went under contract by April 30, 2010 to close by September 30, 2010. This is a huge win for homebuyers. There will be no gap between June 30 and the date the President signs the bill into law.
The date was extended because buyers are experiencing delays in getting their financing closed. The delays are the result of the large number of transactions that are short sales, which can take a long time to close, and the rush of transactions lenders are processing from buyers submitting contracts before the April 30 contract deadline. The legislation, which now goes to President Obama for signature, is intended to create a seamless extension of the closing deadline.