First Time Home Buyers Credit

[sk24iam]

I have had my eye on a local foreclosure that went on the market in the last month. I am considering in purchasing it, making it my primary residence and renting out other parts of the house.

What are the chances that the first time home buyers credit gets extended for people entering into a contract this summer? Does anyone know anything about this?

 

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[Smooth]

Didn't it already expire?

 

[sk24iam]

It was extended to cover closings up until June 30th. There was another bill to extend it until September 30th but it didn't gain enough votes in the Senate last week.

 

[NoMoneyDown]

But you had to have signed a contract prior to April 30th. This was still the criteria for the bill that would have extended it to Sep 30th (I believe).

 

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[sk24iam]

So does anyone know of a bill for buyers signing a contract in the next few months?

 

[Red]

The original bill mandated that a home must be under contract by the end of April and then closed by the end of June -this has only been extended for active duty servicemen & women.

H.R. 4213 proposed to allow homes that already met the April 30th under-contract due date to have until Sept 30th to close (to allow for buyers purchasing short sales being mis-managed by banks delaying the closing process to still qualify for the refund).

There is always the possibility that something may still be passed & made retro-active, but there are no promises at this point.

 

[murphprodigy]

i dont know of any new bill no....

 

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