On June 16, the Senate approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives, and the bill has just cleared Congress! This means you’ll have until September 30, 2010, to close on your Southern New Hampshire home and qualify for tax credits of up to $8,000. (First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.)
Who Qualifies?
Originally, you had to sign a contract to purchase a home by April 30, 2010, and close no later than June 30, 2010. With this extension, anyone who had a signed purchase agreement by April 30 now has until September 30 to close on the sale of that home.
Why the Extension?
Mortgage lenders have been swamped with borrowers trying to get their Southern New Hampshire home purchases approved by June 30. Many potential borrowers were having difficulty meeting that deadline.
The National Association of REALTORS® (NAR) estimated that up to 180,000 buyers were likely to miss the June 30 deadline "because of delays in the process." That's particularly true of short sales, the NAR noted.
Have questions about the federal tax credits? Or any other questions about Southern New Hampshire homes? Give me a call today at 603-821-1134 or email me at Dave@DaveHeeter.com. I’ll respond promptly and personally.
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