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Congress extends homebuyer tax credit to Sept. 30

Posted: July 6, 2010 12:08 p.m.
Updated: July 6, 2010 8:17 p.m.
 

San Jose, Calif. -- Congress approved a bill Wednesday that will give homebuyers until Sept. 30 to complete their transaction to qualify for as much as $8,000 in federal tax credit.

Under the terms of the original legislation, the tax incentive applied to those who signed the contract by April 30 and closed the sale by June 30.

President Obama is expected to sign the bill soon. Around 180,000 homebuyers nationwide would have missed the original deadline, because appraisers, banks and others in the real estate industry have not been able to process mortgage loans fast enough due to the spike caused by the tax credit, the Santa Clara County Association of Realtors said.

Of these homebuyers, 17,000 reside in California.

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