Tax credit for existing contracts extended

I got an email this morning from Ted Clay with WR Starkey mortgage letting me know the tax credit for existing contracts suppose to close on or before June 30 has been extended until September 30,2010. See below for more information. This is exciting for those who were pressed for time. I know others just wish they would extend the whole tax credit!

WASHINGTON June 16 (Reuters) – The U.S. Senate voted on Wednesday to give home buyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.

The Senate, with a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract.

The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time home buyers. Existing homeowners buying a new primary residence are eligible for a $6,500 credit.

Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.

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