Homebuyer Tax Credit Extension in the Works

Homebuyer Tax Credit Extension in the WorksIn case you haven’t heard, the House of Representatives voted yesterday to extend the homebuyer tax credit by three months, but only in a limited fashion.

More specifically, they’re looking to extend the deadline for closing on your new home if you went under contract before the April 30th deadline. If, on the other hand, you’re currently shopping for a new home, this measure won’t help.

Apparently the fate of 200, 000 prospective homebuyers hangs in the balance, as they got under contract in time but are struggling to close by the June 30th (today!) deadline. The Senate, who tried to pass something last week as part of a failed job creation bill, has since been pushing their own legislation.

Source: CNN/Money

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