Yesterday, Congress passed the extension of the Homebuyer Tax Credit closing deadline. The extension applies only to transactions that have had contracts in place as of April 30, 2010 and have yet to close. The new closing deadline is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.
Additionally, the Senate also passed the National Flood Insurance Program extension through September 30, 2010. This will allow transactions in the pipeline to move forward and is retroactive to cover the lapse period from June 1, 2010 to the date of enactment.
While both extensions passage are good news for thousands of buyers, the flood insurance program extension is especially important for Florida as about 175 deals a day where being held up for lack of coverage.
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Tags: buyers, legislature, mortgages, real estate
6 users commented in " Congress Extends Tax Credit and Flood Insurance Programs "
Follow-up RSS Comments Feed or Leave a TrackbackThe flood insurance program extension is indeed great news. Not quite sure though about the extension of the Homebuyer Tax Credit. This one is riddled with controversies and plagued with fraud…
No doubt about that Marc!
I’ve got a $1 million purchase that can now finally close.
Good news, I and many more didn’t think the Government could leave thousands of buyers outside of the “extra $8,000 tax credit program” because the banks were so slow.
This is great news. I am hoping to see more buyers this summer due to the extensions.
It is a beautiful thing for the Realtor who is saved by Congress based on the extension of the tax credit. He better make sure to get a referral by his buyers. Being saved in the middle of deal looking dead is like no other feeling. Hats off to Congress on this one.
The homebuyer tax credit is plagued with controversies and fraud. A lot of people who were not supposed to receive the tax credit have gotten it. However, the extension on the Flood Insurance Program is definitely wonderful news!!!
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