First Time Home Buyer Tax Credit New Deadline

Congress recently approved the extension of the deadline for closing on purchases that qualify for the first time buyer $8,000 credit. The new deadline is September 30, 2010 provided that the underlying contract was signed by April 30. Delayed short sales were the prime motivator for the extension, as well as the overall volume of properties under contract. If you have a property under contract, be sure to submit your contract and title order to your settlement company as soon as possible so that they will have time to prepare to close by the new deadline.

Unfortunately, the extension does nothing to remedy the overall drop in first-time homebuyer activity since the expiration of the April 30 contract signing deadline. There is still a long way to go before we are out of this slump.