Homebuyers Get More Time for the Credit

Those who were in contract by April 30, 2010, to purchase a home that would qualify them for a tax credit as a first-time buyer or long-term resident now have more time to complete the sale. Originally, the sale had to be completed by June 30. Under the Homebuyer Assistance and Improvement Act of 2010, such buyers have until September 30, 2010, to complete the sale.

This extension does not create any additional time to buy a home and get the credit. For example, those who are shopping for a home in the summer of 2010 cannot claim the credit, even if they close the sale on or before September 30, 2010.

Source: Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623)