Here is a follow up to my blog on November 6, 2009 entitled Good News on First Time Home Credit about the then recently enacted extension of the first time homebuyers credit. As that article explained, the homebuyer credit originally established in early 2009 was extended until June 30, 2010. The extension was a good move and did help boost home sales, but all good things must eventually end, right?
Well, not necessarily, I just came across this article yesterday in the Wall Street Journal regarding the possibility that the Fed will extend this tax credit for new homebuyers.
Because of the volume of many buyers currently in the buying/lending pipeline, many are at risk of missing the contract-closing deadline on July 10, 2010. If that should happen, they would not be able to claim the tax credit.
These hapless buyers who met the April 30, 2010 contract deadline to start the buying process and who are now waiting on the ponderous buying/lending process to conclude may be in luck, as there is a move afoot that may extend the deadline until this fall.
If you are one of these buyers, see Tax Credit Deadline for a lot more detail. And good luck!