The Senate has approved extending the "close dates" on transactions where buyers, who qualify for the FTHB tax credit, will receive another 3 months, until September 30, 2010, to close those transactions that qualify for the tax credit. This does NOT give buyers who got into contract after April 30th any benefit, and, in truth, the estimates are that it will only affect approx. 180,000 first time homebuyers.
It is, however, good news for those who may be waiting on approvals for short sale transactions and who were in contract prior to April 30th but are unlikely to close by June 30th.
Please note, this has been sent to the House of Representatives, so final approval will rest with their vote, expected next week.
