It's not final yet! A unemployment benefits bill has been amended to add the provision, but it still needs to pass and be reconciled by the House. We'll let you know as soon as we hear more.
Also - this will only affect homebuyers ALREADY UNDER CONTRACT. The contract to purchase must still have been dated by April 30th, 2010.
Deadline to Close For Homebuyer Tax Credit - Extended to Sept 30th 2010
Update - June 18 2010 -- "A cloture vote failed last night 56-40 (Sen. Ben Nelson and Sen. Lieberman voted against it, and Sen. Byrd was absent). Democrats are meeting today to come up with a new strategy, but at this point they are unsure if the debate will even continue next week. However, Sen. Baucus was quoted as saying, ““The bottom line is that we’re going to keep trying because that’s what the American people want us to do.” <!--EndFragment-->
The Senate had amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit!
They were thinking about extending the deadline for closing from June 30 to Sept. 30 to allow lenders more time to clear a backlog of 180,000 homebuyers nationwide. The amendment to HR 3213 the "American Jobs and Closing Tax Loopholes Act of 2010" -- which extends unemployment insurance benefits -- was approved in a 60-37 vote
The House passed an earlier version of the bill in December, and the Senate approved its own version in March. The Senate is currently working on resolving differences between the two bills.
Reportedly - as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.
Comment -- I haven't had any problem getting my buyer clients to closing (just had one yesterday) and getting the loan to go through - perhaps because I refer them to lenders that are very very reliable (and who also have great rates & fees.)
The amendment does not extend the deadline for homebuyers to qualify for the tax credit, but simply extends the deadline for closing transactions already in contract.
There has been some speculation that some homebuyers will attempt to submit fraudulent claims for the tax credit by backdating documents showing they were under contract by April 30, and that extending the deadline for closing would expose the government to more fraudulent claims.
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