Tax Credit Deadline

The senate is still mulling the tax credit extension. Please check out this article on CNBC.com: http://www.cnbc.com/id/38022302

Will continue to keep you informed on the progress.

Ryan

Homebuyer Tax Credit Extension

The House overwhelmingly past the extension of the 8k tax credit closing date of Sept 30th last evening. This was after the Senate did not pass a bill that included the addition of the tax credit extension. The senate will now have to vote on this stand alone provision. Makes sense that the elected officials deal with one issue at a time rather than bundle things together. Let's get this passed!!!! Will let you know what happense. I still see NO WAY this does not get passed. There is too much backlash from the Big Banks that can't get closings and approvals done quickly...and they will take a lot of heat in the press unless this gets done. Not to worry here at the Robbins/Frantz Mortgage Planning Team. All clients eligible for the credit were approved on time and are closing on time.

8k Tax Credit Extension

The first piece of the 8k credit extension is in place. The senate today voted in favor of giving qualified buyers a 3-month extension to get their loans closed provided they were under contract by April 30th, 2010. Though no articles have mentioned the process...we can assume it must be signed off by the House and President to go into effect.

Here is an article to read up on today's vote: 8k Credit Extension

In short...this is for buyers already under contract from April 30th. They will get 3 months to close and still be eligible for the 8k credit.

8k Credit Update

This week I have received many calls in regards to "Is the gov't going to extend the 8k tax credit." There is a provision in a bill being voted on this week that would extend the closing date for all customers from June 30th to September 30th. The bill would not extend the "must purchase by April 30th" language however. What this means is that you still have to have made your home purchase by April 30th...but could now potentially close up thru September 30th provided the bill is passed. I feel you will see this get passed as many borrowers trying to close will not meet the June 30th deadline for a number of reasons. Reason number 1...there are too many people trying to close in the last 2 weeks of this month. Underwriting cannot keep up with the number of loan submissions; title companies do not have enough slots available for customers to close during the day; And banks only have so much money they can lend daily. An extension makes sense and I feel you will see this announced very soon.