Senate approves extending Closing date for Tax Credit Buyers

by christiborden

WASHINGTON, D.C. (InmanNews.com) – “The Senate approved an amendment to the recent tax credit bill in which homebuyers who were under contract by April 30 will receive an additional three months to finish closing and claim the homebuyer tax credit.

“Extending the deadline from June 30 to September 30 will allow lenders to clear the backlog of 180,000 homebuyers nationwide who qualified for the tax credit.

“The amendment does not extend the deadline for homebuyers who do not have a contract in place.”

If you are waiting to close and are in need of required Flood Insurance, this is a very good thing because the delays due to non-issuance of policies will directly affect many buyers at this time. I am very grateful that the powers that be have recognized the bottleneck of files in underwriting caused by the flurry of buying activity as the credit contract deadline approached and are working to relieve this pressure to close by the end of June. Someone up there is finally thinking of the consumer…..

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