On June 16, the Senate approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives. If the plan passes, it means you’ll have until September 30, 2010, to close on your Santa Cruz home and qualify for tax credits of up to $8,000. (First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.)
Originally, you had to sign a contract to purchase a home by April 30, 2010, and close no later than June 30, 2010. With this extension, anyone who had a signed purchase agreement by April 30 would have until September 30 to close on the sale of that home.
Why the Extension?
Mortgage lenders have been