Senate OK’s New Tax Credit Deadline for Closings in Process

Important news for Pacific Northwest homebuyers currently in the closing process — it looks like you may have an additional three months to finish closing the deal and still be eligible to claim the federal homebuyer tax credit.

As you’ll remember from past posts, the original deadlines were as follows: you had to be under contract to buy by April 30th, and you had to finish closing by June 30th. An amendment to HR 4213, the “American Jobs and Closing Tax Loopholes of 2010,” extends the closing deadline to September 30th to allow lenders to clear a large backlog of thousands of homebuyers nationwide.

The National Association of Realtors supports the amendment to the bill, as they have had widespread reports that one-third of qualified applicants have been told their loans won’t close before June 30th because there are so many loans in the pipeline. This gives homebuyers an added opportunity to take advantage of the valuable tax credits.

The amendment was approved, but a Senate vote still remains on the amended bill itself. So far it looks likely to pass. We’ll keep you posted as we learn more!

If you’re looking to buy a Pacific Northwest home, my team and I can walk you through each step of the process. In times like these, it’s vital to have knowledgeable experts on your side! Call the Susan Stecher team of Real Estate professionals today at (360) 319-4939 or toll-free at (888) 319-4939!

Photo Credit: BAR Photography

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