Mortgage Loan Compliance | Homebuyer Tax Credit Extension

Under the current Homebuyer Tax Credit Program terms, buyers had until April 30, 2010 to get a signed sales contract and until June 30, 2010 to complete the sale. The Senate has now approved a plan to give those already in contract to purchase a home an extra three months to be able to use federal homebuyer tax credits.

The extension proposal was approved by a 60-37 vote but only applies to consumers who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

The language, pushed through the chamber by Senate Majority Leader Harry Reid (NV) gives homebuyers until September 30, 2010 to complete their purchases and qualify for tax credits of up to $8,000.

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