Anyone currently in contract and expecting to the get the $8,000 tax credit that hasn’t yet closed might be feeling a bit nervous! Welllll there is talk about extending the close date beyond the end of June. The below copy/paste doesn’t refer to it but to give you an idea… it seams that Bank of America is taking in many cases 60-75 days to process a loan (not a surprise!). Anyhow, take a peak at the below…. and if you are running close on your closing deadline; you might be able to relax! -Kristie McD.
June 30 Closing Date May be Extended
Senators Johnny Isakson (R-GA) and Harry Reid (D-NV) have filed an amendment that may be offered to a major tax and jobs bills. That bill, HR 4213, is a huge piece of legislation that would renew and extend a series of provisions (including the 15-year recovery period for leasehold improvements) through December 31, 2010. The bill also includes extensions of various government programs, including unemployment insurance and flood insurance. The bill has passed the House and is likely to be called up for debate in the Senate on or around June 15.
The Isakson-Reid amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8000 and $6500 tax credits. The amendment creates no new eligibility for the credit. The amendment would extend the required June 30 closing date through September 30, 2010. The introduction of the amendment does not guarantee consideration; any of several procedural obstacles could derail it. Nonetheless, NAR is hopeful that the amendment can be adopted and that the House will retain it as the bill moves to its final consideration.
Tags: bank of America, date extension, Tax Credit