Syracuse, NY--Talk about cutting it close. With the deadline for a home buyers tax credit just hours away, the U.S. Senate Wednesday night unanimously approved an extension granting home buyers three more months to finalize their deals. They now have until Sept. 30 to close on their homes. The National Association of Realtors had estimated 180,000 people would miss the...
Syracuse, NY--Talk about cutting it close.
With the deadline for a home buyers tax credit just hours away, the U.S. Senate Wednesday night unanimously approved an extension granting home buyers three more months to finalize their deals. They now have until Sept. 30 to close on their homes.
The National Association of Realtors had estimated 180,000 people would miss the tax credit of up to $8,000 for new home buyers or up to $6,500 for repeat buyers because they couldn't close their deals by Wednesday.
The House approved the extension Tuesday, and President Obama has already said he will sign the bill.
When Congress created the tax credit home buyers had to have signed purchase agreements by April 30, and had until June 30 to close on the deals.
The offer of a tax credit swamped the mortgage system, and some people were in danger of losing the credit because they couldn't meet the federal deadline.