Homebuyer Tax Credit Extension Approved, Extended Until September 30

Yes! Homebuyer tax credit extention has been approved by Congress as of last night 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, will it cover the buyers that fall between the deadline and ratification?  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  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! 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 to use the tax credit in the purchase of your home, I suggest checking online with the Federal Housing Tax Credit website for additional information on qualifying for the extension.