On Friday, July 2, 2010, President Obama approved the home buyer tax credit extension for more than 180,000 American homebuyers who were at risk of losing tax credits totaling up to $8,000. These qualifying homebuyers were under contract for a home on or before April 30, 2010 and originally had to close no later than June 30, 2010. Unfortunately, the banks became overwhelmed with the popularity of the program, leading to a backlog of loan applications. However, this extension gives those homebuyers three more months to close on their properties while still being eligible for the tax credits. The final closing date while still being eligible for the tax credit is now September 30, 2010.
Kelle L. Kuebler, Attorney*
*licensed in New York and Connecticut