Update on Extending the First Time Home Buyers Tax Credit
The First Time Home Buyers Tax Credit is set to expire on November 30th. The reality of this deadline means that the buyers out now need to get a home in escrow by the 20th of October. The Thanksgiving Holiday will add days to any escrow with financing, so a typical 30 day escrow may not be enough time to close before the deadline.
There has been much talk about extending the deadline for another year and more likely six months. All that has happened to this point is that the House has passed a bill to extend the credit for Service Men and Women who are overseas for the next year. This bill is expected to pass through the Senate. The question remains: will the Tax Credit will be extended for all first time home buyers?
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