Congress approved the home tax credit extension on Wednesday. This is great news for homebuyers who are trying to use the credit to buy a house. Under the extension, homebuyers who signed contracts by April 30 who were not able to close by June 30, which was the original deadline, now have until September 30 to close on their home purchase.
Thank goodness. Now the home tax credit extension simply has to be signed by President Barack Obama. This credit is absolutely nothing to sneeze at. It allows first time homebuyers an $8,000 tax credit as well as an amazing $6,500 credit for those who are purchasing a new primary residence.
This home tax credit has been widely popular and has helped jump start home sales during the recession. The reason for the extension is that banks and settlement offices were overextended in dealing with the closing rush. This home tax credit extension has eased up on that load allowing for more time keeping thousands of home buyers from losing out on the credit.
I know so many people who have taken advantage of this credit. Of course, we bought our house several months too soon to get it, but it has been great to see our friends getting into their first houses using this amazing $8,000 home tax credit.
My sister works in the mortgage industry, and I know that this home tax credit extension has been a huge relief for her bank. I am very glad that Congress got things together to get this passed.
Have you been affected by the home tax credit extension? Also, were you able to take advantage of it?
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