Tax Credit Extension Update

The Senate stepped to the plate and passed the extension of the June 30th deadline for the 8k tax credit. This means once signed by President Obama...buyers will have until September 30th to close on the home they were under contract by April 30th of this year. In short...you cannot buy a home now and get the credit...you just have a longer period of time to close on the home you purchased on or before April 30th. So the Big Banks get a reprieve here because they cannot close loans in 30 days or less like we can. For more info, check out: http://online.wsj.com/article/BT-CO-20100701-705302.html