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House acts on tax credit deadline but June 30 still stands

There was some movement on Capitol Hill Tuesday toward extending the homebuyer tax credit. Here's what the Post's Dina ElBoghdady reports:

The House voted Tuesday to give home buyers who want to take advantage of a lucrative federal tax credit three extra months to complete their home purchase.

The measure, which passed 409 to 5, is now headed to the Senate. But its chances of survival in that chamber are unclear, according to a statement from the National Association of Realtors.

The tax credit — $8,000 for certain first-time buyers and $6,500 for some repeat buyers — was available to people who had signed a contract by April 30 and closed on it by June 30. The House bill would extend the closing deadline to Sept. 30. A similar proposal died in the Senate earlier this month because it was attached to a broader, more controversial bill that failed.

The Realtors’ association estimates that up to 180,000 people who signed contracts by April 30 would not be able to meet the current closing deadline because of mortgage processing delays.

By Elizabeth Razzi  |  June 29, 2010; 5:49 PM ET
Categories:  Buying , The economy , The market  
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Next: Closing deadline will be extended to Sept. 30

Comments

It's 11pm on June 29 and my daughter and future son-in-law, who are due to be married this weekend, have just been informed that they will not have loan approval on their new home by the June 30 deadline. They were promised a June settlement but have been waiting in limbo for word of financing approval since April. Now instead of a honeymoon they get to move in with their parents - and of course, they get no tax credit. Their new home sits empty while the politicians try to sort this out.

Posted by: debaben | June 29, 2010 11:32 PM | Report abuse

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