realtyreport
Tax Credit and Flood Insurance Bills Extended
There's some good news for homebuyers who ratified their real estate contracts by April 30, 2010, but who were unable to close before the original June 30 tax credit deadline: Eligible homebuyers with properties closing anytime up to September 30, 2010 are now allowed the benefit of the homebuyer's tax credit, worth up to $8,000.
Both the tax credit closing deadline and the National Flood Insurance Program were extended to September 30, providing additional stability to real estate markets across the nation, according to the National Association of Realtors (NAR). In fact, NAR estimates the tax extension will benefit up to 180,000 homebuyers throughout the country.
Numerous sales were put on hold across the country, as many lenders hesitated to approve mortgages on homes needing flood insurance. Senate passage of the National Flood Insurance Program Extension Act of 2010 now allows currently stalled transactions to proceed. The bill is retroactive to June 1, 2010, when the program lapsed.
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