First-time home-buyers will now have until Sept. 30th to close on their purchases and land an $8,000 tax credit under a bill passed by the Senate late Wednesday. Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500. The bill doesn’t help anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break.
The extension was needed for those that missed the original June 30 deadline due to the more complicated financing process or those trying to navigate the complicated process of purchasing a short sale property.
It is expected that President Obama will sign the bill, which was overwhelmingly approved by the House on Tuesday.
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