The GOOD news is -
Tuesday, June 29th, the House of Representatives voted 409 to 5 to delay the closing deadline to Sept. 30. This would give homebuyers three more months to close on their home purchase loans and secure up to an $8,000 federal income tax credit.
The BAD news is -
the Senate must still approve the bill and they better act fast – the deadline is currently Wednesday, June 30th. As it stands now, if you don’t close your loan by the end of today, you won’t get the tax credit.
This bill only changes the deadline for closing or finalizing your loan to qualify for the tax credit (your sales contract had to be signed by April 30th). It doesn’t help anyone currently shopping for a home or who signed a sales contract after April 30th.