Thursday, July 1, 2010

Tax Credit Deadline Extended!

For those of you who were under contract by April 30th, but were unable to close yesterday, you can all breathe a sigh of relief.  Congress passed an extension of the Homebuyer Tax Credit closing late yesterday, extending the deadline for eligible transactions to September 30, 2010.

Additionally, the Senate passed the National Flood Insurance Program Extension Act of extension of the National Flood Insurance Program, until September 30, 2010.  The NFIP provides insurance to home owners in flood-prone areas, who could not otherwise obtain coverage due to cost or ineligibility.  This insurance allows property owners in certain federally designated areas across the nation to obtain mortgages.

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