Blog
July 2nd, 2010 (Modified on July 7th, 2010)

Update3: Obama Extends Homebuyer Tax Credit Closing Deadline

by

 

UDATE3: President Obama signed a three-month extension of the homebuyer tax credit’s closing deadline this morning.

The president also signed into law the “National Flood Insurance Program Extension Act of 2010,” reports HousingWire.com.

Lawmakers weren’t able to agree on the extension of unemployment benefits before their July 4 recess; they’re expected to continue their debate when they return.

We’ll continue to keep you updated as the latest information rolls in.

Do You Support the Extension of the Homebuyer Tax Credit's Closing Deadline?

View Results

Loading ... Loading ...

UPDATE 1 (6/30/10, 10:34 p.m.): Lawmakers voted to approve a sweeping jobs bill that not only extends jobless benefits, but also extends the homebuyer tax credit’s closing deadline until September 30:

Congress has sent President Obama a plan to give home buyers an extra three months to qualify for up t0 $8,000 in federal tax credits. Buyers who already have signed contracts will now have until Sept. 30 to complete their purchases. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The House approved the measure on Tuesday. Legislation in the Senate was approved Wednesday night by unanimous consent.

UPDATE2 (07/01/10): The bill will first need President Obama’s signature before it becomes law. According to the Wall Street Journal, “The President is expected to sign the measure soon.”

The bill also extends flood insurance until September 30. “The reauthorization of the National Flood Insurance Program (NFIP) is retroactive to June 1, the date the program was halted,” according to the Insurance Journal.

Original post (6/30/10, 9:36 a.m.): In a sense this is breaking news: Lawmakers make a last-ditch effort to pass a jobs bill that includes a provision to extend the homebuyer tax credit’s closing deadline before the credit expires at midnight tonight.

From the Washington Post:

Congressional Democrats are struggling to revive a plan to extend emergency unemployment benefits for millions of jobless workers. Although House leaders say they will pass the measure as soon as Wednesday, its fate in the Senate remains uncertain.

After trying for weeks to extend jobless benefits as part of a broader economic package, Democrats said Tuesday that they would jettison all other provisions — including $16 billion in aid to state governments — and push solely for a six-month extension of jobless benefits and a small adjustment to a tax credit for home buyers.

Related posts:

GUEST POST: “All Right! The Deadline Has Been Extended!”
Bad News for Homebuyer Tax Credit’s Closing Extension
Will the Homebuyer Tax Credit Be Extended (Again)?

Share and Enjoy:
  • email
  • Print
  • RSS
  • Add to favorites
  • Yahoo! Bookmarks
  • Facebook
  • Twitter
  • Technorati
  • Digg
  • del.icio.us
  • Google Bookmarks
  • StumbleUpon
  • Yahoo! Buzz
  • Mixx
  • BlinkList
  • Live
  • Reddit

One Response to “Update3: Obama Extends Homebuyer Tax Credit Closing Deadline”

  1. Tweets that mention Lawmakers Move to Extend Tax Credit Closing Deadline | HSH Financial News Blog -- Topsy.com Says: June 30th, 2010 at 9:32 am

    [...] This post was mentioned on Twitter by HSH Associates, Carlo Capomazza SFR. Carlo Capomazza SFR said: #VRN: Lawmakers Move to Extend Tax Credit Closing Deadline http://feedproxy.google.com/~r/hsh/~3/VZV9O1DukXo/ [...]

Leave a Comment

Receive Updates via Email

Delivered by FeedBurner

About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

Connect With Us

  • rss feed icon
  • facebook icon
  • twitter icon

Compare Lowest Mortgage Rates

$