First Time Home Buyer Tax Credit Closing Extension To Be Voted on By House Tomorrow (6/30/10)
We have learned that the House of Representatives is due to vote on the Homebuyers Assistance and Improvement Act of 2010 and the Restoration of Emergency Unemployment Compensation Act. (Hat tip to commenter David B. who alerted us to this in the comments today). It appears as though these are two separate bills so that opposition to the unemployment extension would not keep the extension of the closing date of the first time home buyer tax credit from passing.
This would be great news for many of you who signed a purchase agreement prior to April 30th but are having difficulty closing before June 30th due to the slow short sale process and the backlog facing many lenders right now.
This is a developing story and I will do my best to stay on top of it throughout the day. It is estimated that if the closing date is not extended, as many as 180,000 potential home buyers could back out of their purchase agreements.
On a side note: I have been somewhat overwhelmed by the response in the comments section and have enjoyed hearing feedback from readers. For all of those of you who are relying upon this extension, I hope it passes quickly.
Thanks,Alfred WoottonAccount ExecutiveRoss Mortgage Wholesale Lending27862 Woodward AveRoyal Oak, MI 48067Ph 248 658 2563Fx 248 658 2564
