Tags: First-time buyers, National Association of Realtors, Tax Credit, Tax Credit Extension
On Friday, July 2nd President Barack Obama signed HR 5623, the “Homebuyers Assistance and Improvement Act of 2010,” a three-month extension on the closing deadline for first-time home buyers to receive the tax credit.
The bill is worded to retroactively include properties that closed within the two days between the original closing deadline of June 30th and the signing of the extension on July 2nd.
A copy of the HR 5623 bill can be downloaded here.
Please note that the extension signed by President Obama was for the closing deadline only, not the credit itself. In order to qualify for the credit, you must meet the following required deadlines to be eligible:
First-time buyers are eligible for a tax credit up to $8,000 and buyers of existing homes for a credit up to $6,500.
The National Association of Realtors lobbied for the extension, when they saw that thousands of buyers would not be able to meet the deadline. Mostly due to the fact that the large number of buyers taking advantage of the tax credit had overwhelmed the ability of mortgage lenders to process those purchases on time.
Several members of our team are REALTORS (R) and participate in the organization to remain knowledgeable on what is happening in the real estate industry for our clients and the good of the entire market. We appreciate The National Association of Realtors for speaking on behalf of homebuyers’ need for an extension to our government representatives. This extension will allow many states to be able to finalize more closings for homebuyers interested in taking advantage of the tax credit.
The Tamra Wade and Partners team is here to provide the best service possible. If you have any questions about the tax credit closing extension or other needs, please feel free to contact us at tamrawadeandpartners@gmail.com or 678-804-2595.
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