It’s official! President Obama signed legislation to extend the closing deadline for homebuyer tax credit recipients this past Friday. Originally, qualifying buyers who were under contract by April 30, 2010 had until June 30, 2010 to close. But as this deadline approached, concerns arose that the backlog of loan applications created by the popularity of the program would leave many buyers unable to claim the credit.
According to the National Association of Realtors (NAR), an estimated 180,000 buyers were at risk of missing the closing deadline. These at-risk buyers can now breathe a sigh of relief. President Obama’s approval of the Homebuyers Assistance and Improvement Act of 2010 extends the closing date from June 30, 2010 to September 30, 2010, giving qualified buyers who signed a contract by April 30, 2010 an extra three months to complete their closing.
Vicki Cox Golder, President of NAR states:
“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 would have been shut out of the homes of their dreams through no fault of their own.”
In addition to approving the extension of the tax credit closing deadline, President Obama signed the National Flood Insurance Program Extension Act of 2010 on Friday morning. This retroactively reauthorizes the Federal Emergency Management Agency to enter into new contracts for flood insurance under the National Flood Insurance Program through September 30, 2010. The extension of this program is expected to help provide further stability to real estate markets across the nation.
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