Big news: If you entered into contract on a home before April 30 of this year and qualified for the homebuyer tax credits, take a sigh of relief because you now have until September 30 to close on your home.

Because lenders were overwhelmed with the amount of homes to process, many homeowners would not have been able to close by the closing cutoff date of June 30, and therefore would not recieve the tax credit. Because of this problem, Congress and now the Senate passed a bill to extend the cutoff date 3 months. The President is expected to sign the bill within the next couple of days, at which point the extension will be official. An estimated 180,000 to 200,000 persons will be affected by the extension, and is expected to cost $140 million dollars.

For more information, please visit this link: http://bit.ly/dbMbmq

Post by Lyndsey Van Soelen, Communications Intern

Tags: Buying a home, Iowa, tax credit

This entry was posted on Friday, July 2nd, 2010 at 11:44 am and is filed under Buying a home, Financial Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.