Homebuyer Tax Credit Deadline NOT Extended. But Senate Vote Adds Reid Amendment

Homebuyer Tax Credit Deadline NOT Extended. But Senate Vote Adds Reid Amendment

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News wires are buzzing with reports that the Senate just approved an extension of the homebuyer tax credit's June 30 closing deadline.






THESE HEADLINES ARE MISLEADING!!!






The June 30 closing deadline has not been extended...but it was accepted as an amendment to the Tax Extenders Bill. Under the amendment, borrowers who signed purchase contracts by April 30 would be given three extra months to close their loan and still qualify for the homebuyer tax credit. The new deadline would be September 30, 2010.






In a budget "point of order" vote taken this morning, the Senate actually voted against the bill that contains the homebuyer tax credit extension amendment. This forces the Senate Finance Committee, chaired by Senator Max Baucus, to rework the overall proposal before another vote is taken.

This Article Provided by Adam Quinones MND News WIre