House Passes Tax Credit Deadline Extension

Washington, DC, June 30, 2010--Extension of the home buyer tax credit deadline is now up to the Senate as the U.S. House of Representatives voted 409-5 Tuesday to extend the deadline to September 30.

The program initially required borrowers who signed contracts before April 30 to complete paperwork by July 1 to get a tax credit of as much as $8,000.

The House measure accommodates borrowers at risk of being disqualified for the tax credit because lenders and loan servicers aren’t processing mortgages quickly enough. The Senate is considering similar legislation.

As many as 180,000 homebuyers would lose their tax credit if Congress fails to push back the date, according to the National Association of Realtors.