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Congress gives homebuyers more time for tax credit

Posted by: VHFA on 7/1/2010

Congress has granted homebuyers three additional months to close on their properties and still be eligible for federal tax credits.

The bill could be signed into law by President Obama as early as this morning.

The legislation would give buyers until Sept. 30 to complete their home purchases and still qualify for up to $8,000 in tax credits. Previously, buyers had until April 30 to sign a sales contract; June 30 to close.

The bill passed the House Tuesday and the Senate yesterday.

The proposal applies only to buyers who already have signed contracts.