Hunzinger Accounting & Financial Solutions

Homebuyers Tax Credit Extended to September 30th

We previously posted that the Homebuyers Tax Credit was expiring June 30th (if you signed a contract by April 30th). ┬áMany US taxpayers made the effort to get a contract signed by April 30th only to have their mortgage application take much longer than usual. We’re refinancing our mortgage and the process is in its 5th month so we know first-hand how painful it can be. Apparently the US government recognizes this as they have extended the deadline for the tax credit to September 30th. It’s important to note that the April 30th contract deadline has not shifted, just the closing deadline. So if you signed a contract to buy a house before April 30th and have yet to close, you can breathe a sigh of relief knowing that your mortgage processor didn’t cost you money (up to $8,000 for first time homebuyers and up to $6,500 for current homeowners buying a new house).

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