Senate Approves Home Tax Credit Extension

This is great news for buyers out there who qualified for the $8000 first time homebuyer tax credit with accepted purchase contracts dated April 30th, 2010 or before, but are unable to close before the June 30th deadline.

Last night, the Senate unanimously approved an extension through September 30th, 2010.  Mortgage lenders were extremely busy trying to approve borrowers' loans to close by June 30th.  The extension will affect roughly 180,000 homebuyers who would have otherwise missed the deadline for one reason or another by not being able to close by June 30th.

In the meantime, if you're one of the buyers who now have more time to close, don't forget to check out our Homeowner Tips section for information about owning your first home!