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Jennifer Wilbur

Coldwell Banker United - Heights

Jennifer Wilbur's Blog

Provide sellers and buyers with the service and Committee they deserve to purchase there next home. - I just wanted to post some information that you will find useful in todays economy To help 1st time home buyers with the process to Buy ther

Tax Credits may see Extension

June 15th, 2010

Tax Credits May See Extension:
The home buyer's tax credit has been wildly popular. It gave both first time and previous home buyers a sizeable tax credit provided that they sign a purchase contract no later than the end of April and close no later than the end of June.

It was so successful, that pending home sales (contracts signed but not yet closed) rose 22.4% when compared to April 2009.  However, with increased underwriting turn times, many people that met the requirement by signing a contract before the end of April will not be able to close in time.  Under the current law, they would lose their tax credit.

Senator Harry Reid is offering an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that would extend the closing time from June 30th to September 30th.  Note: If you did not sign a contract by April 30th then there is no extension for you.  It is only for those that signed a contract in time but just can't close on time.  It remains to be seen if his proposal will pass, I will keep you posted.

Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
Coldwell Banker United - Heights
1505 Heights Blvd., Houston, TX 77008   Get Directions
Phone: (713) 869-0456
Fax: (713) 869-7570