17 JunTax Credit Deadline NOT Extended…Yet

There have been some news articles stating the tax credit was extended.  If that was the case we wanted to let you know but that simply is not the case.  The reason the news stories released that the tax credit was extended was because of some recent action towards that direction.  Here is the story:

As most everyone is aware the tax credit deadline stated you must be under contract prior to May 1, 2010.  The other part of the deadline stated that anyone under contract by that date must close on or before June 30, 2010.  There is an amendment to a current bill to extend the closing deadline to September 30, 2010.

Mortgage News Daily explains it:

The June 30 closing deadline has not been extended…but it was accepted as an amendment to the Tax Extenders Bill. Under the amendment, borrowers who signed purchase contracts by April 30 would be given three extra months to close their loan and still qualify for the homebuyer tax credit. The new deadline would be September 30, 2010.

Check out the full story from Mortgage News Daily

About the Author | Scott & Marla Wynn

Scott & Marla Wynn are mortgage lenders with a focus on education. We believe an educated customer is our best customer. The mortgage industry has complicated the process of obtaining a mortgage so much that most customers believe the best way to select a mortgage lender is to inquire about rates and fees. Although rates and fees are an important part of the mortgage process, there are much more important areas to be concerned with. Lending A Hand was created to pass along our experience, knowledge and research to YOU to allow you to become a more educated mortgage customer. If you are planning a home purchase or refinance and live in the state of Colorado, we hope you select the Wynn Team as your mortgage lender!