About 180,000 homebuyers that were under contract, hoping to make the tax credit deadline have a little room to breathe.
Included in H.R. 5623, the Home Buyer Assistance and Improvement Act that is headed to President Obama’s desk for signature, is an extension to September 30, 2010 for those transactions to close escrow and qualify for the tax credit. Many buyers were experiencing delays in getting their loans finalized. Part of this was attributed to the increase in the number of loan applications and lenders being short-staffed; while others are entangled in the short sale process which often involvs a little more time than a traditional equity sale. See More….
Other items that the Bill provides include:
- Enhanced information sharing that would prevent prisoners from claiming the Homebuyer tax credit;
- Applying a bad check penalty to electronic checks payable to the IRS;
- Modifying the Travel Promotion Act of 2009 to extend the authority of the Department of Homeland Security to implement fees that they project will reduce the deficit by $95 million over 11 years.
To read the full text of the Bill: http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.5623
