Senate approves new tax credit closing deadline
The Senate has extended the tax credit closing deadline for buyers already under contract as of April 30, from June 30 to September 30.
NAR has indicated as many as one-third of buyers would miss the June 30 closing deadline due to the high volume of loan applications. The extension is intended to enable these qualified buyers to remain eligible for the tax credit.
This is great news for home buyers who already have a ratified contract on the home they plan to purchase, but were getting bogged down in the deluge of loan applications.