Thursday, June 17, 2010
6/17/2010 10:29:00 AM | Posted by
Arbor Mortgage
The web is just abuzz today with reports that the Homebuyer Tax Credit has been extended. This is not quite true. In fact, it’s downright misleading. In the first case, the issue on the table is extending the deadline for those already in contract to still be eligible. It would not allow new buyers to take advantage of any credits. Second, it was not approved.
The original proposal, which would extend the deadline for those with executed contracts before April 30, would give until September 30, 2010 to close their loans; extending it 3 months. The Senate actually voted AGAINST it. They did, however, accept it as an Amendment to the Tax Extenders Bill. The Senate Finance Committee just has to rework the proposal, and any amendments will stand, as long as the reworked proposal is approved.
What does this mean for you? This means that if you entered contract on a home before April 30, you could have up until September 30 to close your transaction. For those waiting bank responses on short sales, this is a big relief. Those transactions typically take much longer and are out of the buyer’s hands. It does not change the deadline of April 30 for the contract date. If you don’t have a contract now, you won’t be eligible for a tax credit.
The proposal is likely to be approved with the new amendment, but the House will have to reconsider the new amendment and agree to the final version. It’s hoped that this will be resolved by July 2.
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- Arbor Mortgage
- Arbor Mortgage is a Michigan based mortgage lender that has been providing mortgage solutions for more than a decade. Since 1998, Arbor Mortgage has helped more than 20,000 people purchase or refinance their homes. Arbor offers a variety of mortgage programs including FHA, USDA Rural Development, VA, Conventional and Alternative loans.
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