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First-Time Homebuyer Tax Credit–Update

The Homebuyer Assistance and Improvement Act of 2010 extends the closing date requirement for the first-time homebuyer tax credit from June 30, 2010, to September 30, 2010. This gives qualifying individuals who, prior to May 1, 2010, entered into a binding written contract to purchase a home, an additional three months to close on the purchase.

It’s important to note that this isn’t a full extension of the credit. If you didn’t enter into a written contract prior to May 1, 2010, you can’t qualify now. Of course, if you’re one of the many who did enter into a written contract prior to May 1, 2010, only to find that you were unable to close by the original June 30 deadline, this is welcome news.

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