Congress Passes Extension on Homebuyer Credit Closing Date
July 1, 2010 | 
Author Congress passed H.R. 5623 extending the deadline for closing home purchases in order to qualify for homebuyer credits.
The rule was that qualified taxpayers could claim the first-time homebuyer credit of $8,000 or the $6,500 credit for Long-term residents, if they entered into a contract to purchase a principal residence before May 1, 2010 and then closed the transaction by June 30, 2010. The new law extends the date for closing the transaction by three months to September 30, 2010.
The purpose of the change, which passed on June 30, is to accommodate taxpayers whose closings have been delayed by lender and federal agency backlogs. The bill now goes to the President for his signature.
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