House passes 3-month closing extension for homebuyer tax credit

Yesterday, the House pushed through a three month closing extension of the homebuyer tax credit.  But there is concern…..

Late last night, the Senate unanimously approved the bill — leaving the President to ratify the provision by signing it into law, as early as today.

“I thank my colleagues for joining me to pass this important extension and giving homebuyers in Nevada and around the country the opportunity to purchase their first home,” said Sen Harry Reid (D-NV), in a statement following the bill’s passage.

“In addition to helping thousands of families experience the American dream, this successful and popular program provides a much needed boost to Nevada’s housing market and economy.”

The deadline for the tax credit was midnight last night but only if the mortgage went through, so with Obama’s signature, it would have been possible that no contracts currently under offer — but unable to close — would fall through the cracks with the extended deadline.

The Senate approved provision will give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000.

If the President signs the bill into law today, it is unclear if the provision will apply retroactively to deals that close on Thursday, July 1.

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