First Time Homebuyer Tax Credit Extended to September

1^st Time Home Buyer Tax Credit Extended to September

Congress has passed 2 bills that have been strongly supported by the NAR (National Association of Realtors). All that awaits these bills to be enacted is the signature of President Obama.

The first bill is to extend the home buyer tax credit closing deadline. The second is to reauthorize the National Flood Insurance Program.

Both bills have been extended to September 30, 2010. Extending both of these deadlines will help provide stability to real estate markets across the country. NAR worked hand and hand with congress officials to help enact these pieces of legislation.

Said NAR President Vicki Cox Golder, “What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who have been shut out of the homes of their dreams through no fault of their own.”

“We know that up to $180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both houses of Congress for their work to ensure passage of both bills,” Golder said. She continued by thanking members of both political parties for their help in extending the deadlines.

The Homebuyer Assistance and Improvement Act applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. This should create an extension of the new closing deadline for eligible transactions to September 30.

Also, the passage of the National Flood Insurance Program Extension Act of 2010 allows transactions that are currently stalled to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010 to the date of enactment by the extension.

Thousands of property owners that were seeking flood insurance will now be able to close transactions.

For more information go to http://www.daytonabeachvacations.net or contact Pam Finzel with Coldwell Banker Devonshire at: 386-405-4190

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