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First Time Homebuyer Credit Extended

July 1st, 2010 by nickelnm

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June 30th, 2010 the Senate overwhelmingly voted to extend the closing deadline for those buyers who qualify for either the $8K first time homebuyer credit or the $6500 existing homeowner credit.  President Obama is expected to sign the bill into law Tuesday, July 6th.  What does this mean for all of the would-be homeubyers?

Under the extension the homebuyer must have met the April 30th deadline to be UNDER CONTRACT for a home.  Since short sales are making up a large portion of the homes currently under contract the extension merely provides more time to close to transaction.  The old deadline was June 30, 2010 to close.  The new deadline will be September 30, 2010.

It is estimated that approximately 200,000 people would have lost out on the credit had the deadline not been extended.  Congress has been trying to pass the extension for the last month, but it got caught up in Washington politics. Only when it was separated from a larger jobs bill did deficit-wary lawmakers sign off on it. The extension will lower the deficit by $9 million over a decade since it is offset by certain other provisions.

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About the Author

Nicole Rosen, Finance Diva, is a self-taught financial guru. She has spent the past several years in the role of CFO of her family. Her credential include passing DFI's Loan Originator test, managing a tax office for two years, preparing taxes for other people for seven years, being registered with the IRS and State of New York as a tax preparer, and repairing her credit in order to purchase the first family home. Nicole has been self-employed since March of 2003 and her first taste of finances was when she was only 15 and ran a roadside watermelon stand in Oklahoma. Nicole has managed the books/recordkeeping for the family business back home for over 10 years.

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