Federal Tax Credit for First Time Homebuyer Closing Deadline Extends to 09/30/10

Updated July 1, 2010 – US Senate Passed this Bill and it is now at President Obama’s to be signed.

June 29, 2010 – US House extends Closing Deadline for First Time Homebuyer Tax Credit to 09/30/10 if they are in contract as of 04/30/10.

The homebuyer has to be in contract before 04/30/2010 and now close by 09/30/10 (instead of 06/30/10). This bill is going to the congress and is expected to pass.

This is in part due to the slow process by the lenders and loan servicers during the loan approval and loan funding process where two months escrow might not suffice to close escrow. However, I also fee the benefits to First Time Homebuyer in contract on Short Sale properties due to the notorious slowness in lender approval of short sales.

Hopefully the ones that are in contract on short sale as of 04/30/10 will also get the up to $8,000 tax credit if they close by 09/30/10. There is also the California Tax Credit of up to $10,000 which expires 12/31/10 – unlike the federal tax credit, this tax credit has to be claimed over a three year period.

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Sylvia Barr

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Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frank Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.   Starter Home to Luxury Property.  REO (Bank Owned), Short Sale, View Homes, Architectural Distinctive Homes. Investment, 1031 Exchange.

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