Homebuyer Tax Credit Closing Date Shot Down, for Now
The Senate failed to pass a bill yesterday that would’ve extended the closing deadline for the homebuyer tax credit. The extension, which was part of a larger stimulus package (“American Jobs and Closing Tax Loopholes Act”), would’ve extended the deadline by three months, from June 30, 2010 to September 30, 2010.
This defeat means thousands of buyers might not be able to close on their homes in time to take advantage of the tax credit. There is an outside possibility the extension could still go through. Read more in Zillow’s Mortgages Unzipped blog.