Dean's Blog

The U.S. House of Representatives voted today to extend the first-time home buyer’s tax credit for those who were under contract by April 30, 2010.

Currently, those contracts must close by tomorrow, June 30, 2010, in order for the buyers to be eligible for the tax credit. However, many transactions are taking longer to close, especially those home taken back by the lender or being sold as a short sale.

The new measure would allow buyers to close as late as September 30, 2010 and still be eligible for the tax credit.

So, even though the House voted to extend the tax credit, the Senate must still vote on the extension for the measure to move forward.