Today the House of Representatives voted on legislation to give 1st time home buyers 3 additional months to settle on their new home and still qualify for the federal income tax credit. The Senate still needs to vote. The deadline for the Senate to act is tomorrow. (Wednesday)
There have been many reports that this bill will help buyers shopping for a house now. This is false and has caused much confusion among our buyers. This legislation will only help buyers that have previously signed a contract by the April 30th deadline.