Tax credit processing extension till September 30, 2010

The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30^th. There will also be no gap between June 30^th and the date the President signs the bill into law. The extension only applies to transactions in which the purchase contract was signed by April 30^th. Please note this bill is pending the President’s signature.

Congress has been trying to pass the extension for the last month, but it was done as an amendment to a much larger bill for job benefits with a big price tag. Only when it was separated from this larger jobs bill did deficit-wary lawmakers sign off on it. The extension will lower the deficit by $9 million over a decade since it is offset by certain other provisions.
An estimated 200,000 people have missed out on the tax credit because they wouldn’t have been able to close by the end of business Wednesday. Many are trying to take advantage of short sales, which are complicated deals to complete.

So if you have any transactions that were under contract by June 30, 2010, and haven’t closed yet, you still have till September 30, 2010, to get those transactions closed.

Flood Insurance Extension Passes

The Senate has passed H.R. 5569 which extends the National Flood Insurance Program until September 30, 2010. The bill is retroactive from June 1, 2010, to the date the President signs this bill. Please note this bill is pending the President’s signature. Here is a link for more info NFIP.

If you would like to apply for a mortgage to purchase a home or refinance a home, please feel free to call me at 302-703-0727 or you can APPLY ONLINE.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713