The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.
Lead by Senate Majority Leader Harry Reid, the amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000.
Originally, the tax credits gave home buyers until April 30 to get a signed sales contract and until June 30 to complete the sale. This proposed change, approved by a 60-37 vote, would allow people who in contract to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.
The House passed an earlier version of the bill in December, and the Senate approved its own version in March. The Senate is currently working on resolving differences between the two bills.
The National Association of REALTORS® supports the amendment, saying REALTORS® have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.
Real Estate information for in and around the Central Ohio Area. For all your real estate needs contact me at 614-582-3208 or kristin@kristinreese.com.
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About Me
Why Use a Realtor
Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.
Only about half of all real estate agents are REALTORS® -- the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer's representatives.
Only about half of all real estate agents are REALTORS® -- the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer's representatives.
Preparing for Home Ownership
Buyer's Guide
Before you begin your home search at http://www.kristinreese.com/, prepare yourself by reading Ten Steps to Homeownership
Homebuying Guides
Even before you begin looking for a home, the homebuying process requires diligent preparation. Buyers who have been preapproved for a home loan often have their offers taken more seriously by sellers. With advance preparation, you can tackle the process of acquiring the financing you need with more confidence. To help you on the path to homeownership, NeighborWorks® offers* free step-by-step guides, developed by the Fannie Mae Foundation, that can help you get closer to achieving your dream:
Knowing and Understanding Your Credit
Opening the Door to a Home of Your Own
Choosing the Mortgage that's Right for You
Borrowing Basics: What You Don't Know Can Hurt You
These authoritative homebuying guides (in PDF format) are available in nine languages, including English, Chinese, Haitian-Creole, Korean, Polish, Portuguese, Russian, Spanish and Vietnamese. You can download a guide or order a print version online from HomeBuyingGuide.org.
Before you begin your home search at http://www.kristinreese.com/, prepare yourself by reading Ten Steps to Homeownership
Homebuying Guides
Even before you begin looking for a home, the homebuying process requires diligent preparation. Buyers who have been preapproved for a home loan often have their offers taken more seriously by sellers. With advance preparation, you can tackle the process of acquiring the financing you need with more confidence. To help you on the path to homeownership, NeighborWorks® offers* free step-by-step guides, developed by the Fannie Mae Foundation, that can help you get closer to achieving your dream:
Knowing and Understanding Your Credit
Opening the Door to a Home of Your Own
Choosing the Mortgage that's Right for You
Borrowing Basics: What You Don't Know Can Hurt You
These authoritative homebuying guides (in PDF format) are available in nine languages, including English, Chinese, Haitian-Creole, Korean, Polish, Portuguese, Russian, Spanish and Vietnamese. You can download a guide or order a print version online from HomeBuyingGuide.org.
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