The U.S. Senate voted recently to extend the home buyer tax credit to Sept. 30 rather than allowing it to expire on June 30 as originally planned. This is great news for buyers who were in the process of closing on their homes and because of the purchase of foreclosed homes or short sales were seeing the process take longer than usual.
The Senate passed the credit extension with a vote of 60-37 and will now only allow those who signed their contracts by April 30 to quality for this extension. Those who qualify will be eligible for an $8,000 credit if buying a first home in three years and $6,500 if upgrading to a new home. (Reuters)
Is this accurate? I just heard the Senate object to proceed on the bill and place it on the calendar.