The house voted today to extend the First time Homebuyers Tax Credit deadline to close.
In a vote of 409 to 5, the house approved a bill to extend the closing date for the tax credit for another three months. Currently the contracts have to be closed by tomorrow June 30 in order to qualify for the tax credit. This bill still has to be approved by the Senate which could vote as soon as tomorrow. If the extension does not occur the National Association of Realtors extimates that 180,000 first time homebuyers with homes under contract could miss the deadline.
I have a first time homebuyer whose contract has gone down to the wire. We are due to close tomorrow morning at 11:00. I am keeping my fingers crossed that everything goes smoothly and this client will be able to enjoy homeownership.