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Home Buyers Win More Time to Claim Tax Credit

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By Ruth Mantell

RISMEDIA, July 7, 2010—(MCT)—President Barack Obama recently signed into aw a three-month extension on the deadline for home buyers to obtain a federal home buyer tax credit of up to $8,000.

Eligible taxpayers who contracted to buy a home, qualifying for the first-time home buyer tax credit before the end of April 2010, now have until September 30, 2010 to close the deal. To be eligible, buyers need to be in a binding contract that was in place by April 30.

The new law addresses concerns that many home buyers might be unable to meet the original June 30 closing deadline.

The National Association of Realtors has estimated that about 180,000 otherwise eligible buyers were likely to miss out on the credit if the original deadline was upheld. It’s been difficult for some buyers to get their mortgages approved on time, as lenders work through a clogged pipeline of applications.

(c) 2010, MarketWatch.com Inc.

Distributed by McClatchy-Tribune Information Services.

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