Home Buyers Get Tax Credit Closing and Flood Insurance Extensions
The National Association of Realtors® article dated July 1, 2010 Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President reported that Congress passed two bills which directly affect the real estate market and its stability. One bill extends the home buyer tax credit closing date and the other bill reauthorizes the National Flood Insurance Program. These bills are now headed to the President for his signature. This is certainly good news for those home buyers in the Tampa Bay area and around the country who are trying to take advantage of the First-Time Homebuyers Tax Credit or the Move-Up/Repeat Tax Credit! The original deadline dates for these tax credits were that the a fully executed contract must be in place by April 30, 2010 and the deadline for closing these real estate transactions was June 30, 2010. Now the closing date deadline has been moved to September 30th, and there will be no gap between June 30 a...