Yes! Homebuyer tax credit extentionÂ has beenÂ approved byÂ Congress as ofÂ last nightÂ on homes that close by September 30, 2010. This gives homebuyers a few extra months to use the tax credit for buying a new home if they close on their home by the end of the month of September. This is a three month extension for buyers in escrow late last night, but the real question is, willÂ it cover the buyers that fall between the deadline and ratification? Â According to First-time Home Buyers at Housingwatch.com, passing the extension has been a major priority for Congress.
Do you believe the extension until September 30 of the Homebuyer tax credit for first time purchasers of a new home will Â be more beneficial to first time home owners in this economy, or will the credit be an additional incentive for buyers to try to close on a home where they may have taken more time in the purchasing process? The extension is said to be helping as many as 180,000 home buyers to purchase a new home!Â The tax credit is also said to perhaps have fueled a temporary increase in home sales the past few months, and will not stabilize the economy permanently because it is a temporary solution as of right now.
If you are currently in the process of buying a new home and wish toÂ use the tax credit in the purchase of your home,Â I suggest checking online withÂ the Federal Housing Tax Credit website for additional information on qualifying for the extension. Â