TAX CREDIT CLOSING EXTENSION UPDATE!

Homes for Heroes wants to share this important information with you!

There have been a lot of rumors and misinformation out there as to whether
Congress has approved an extension to the 1st time homebuyer credit -

Please be advised that the Senate passed an amendment to HR 4213 which is a
bill that primarily extends unemployment insurance and closes certain tax
loop holes. The bill itself is not approved and appears to have significant
resistance in the Senate due to the cost of this bill (something in the
range of $140 billion). To pass and become law, this bill would have to pass
in the Senate, be reconciled with the House bill and then signed by the
President. The passage of this amendment means that IF the full bill passed
and this amendment survives the reconciling process, 1st time home buyers
would have until September 30th to close on transactions where the purchase
agreement was signed by April 30th in order to receive credit for the tax
credit. It would extend the closing time-frame only of qualifying
transactions.

AGAIN…There is no change to the dates associated with the tax credit at
this time and loans must close by June 30th in order to qualify for the tax
credit.

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