Extension for Homebuyer Tax Credit Heads Over to Obama

From CNNMoney: Homebuyer credit extension heads to Obama

President Obama is expected to sign the bill, which was overwhelmingly approved by the House on Tuesday. The deadline had been June 30.

Buyers must have signed a contract by April 30 to qualify for the tax break.

Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500.

I think this is only fair as tons of homebuyers have been trying close on their homes before the deadline, but have been held back by the relentless backlog of the short sale and foreclosure closing process.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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