First Time Home Buyer Tax Credit Extension Through September 30 Possible – Government Extension Pass By House
Posted on | June 30, 2010 | Comments Off
The first time home buyer tax credit was a very hot topic for quite some time before April 30th, 2010 when the tax credit expired. It was the case that those under contract by April 30th, 2010 could receive the government tax credit if they close by June 30th. If borrowers were not closed by today they would miss out of the credit.
The House has passed a bill stating that the tax credit will be extended until September 30th, 2010. This bill still has to be approved by the Senate but if approved it will allow home buyers three more months to complete the closing for a home and still get the $8000 government tax credit.
This extension could help many borrowers greatly as this money is needed to help with expenses of purchasing the home or any other expenses. Some families could use this extra cash to help pay off debts that may have piled up during the struggling economy.
Over the next few hours we will begin to find out if there is an extension of the first time home buyer tax credit through September 30th, 2010. If passed this could do a great deal to help the overall economy.
Author: Alan Lake
Tags: first time buyer extension > first time home buyer tax credit > government tax credit > government tax credit extension > tax credit > tax credit extension