H.R. 5623 First Time Home Buyers Federal Tax Credit Extended?... Sure did!

Well it looks like the House and Senate have over-whelmingly approved the extension to close for the FTHB tax credit till September 30th. H.R. 5623

"The First Time Home Buyers Tax Credit"

Now it is up to POTUS to sign it into law. Lets pray he does that today!

Great news for everyone that did not get their escrow closed yesterday... As I was one of them.

The lender had missed a prior to funding condition... The lender needed to get a tax return from the IRS for one of the buyers.. The lender spent the day at the IRS trying to get the recorded copy, however by the time it was obtained we had missed the cut off for funding (and not by a little, it was late in the afternoon, would have been nice if this would have been address prior to us trying to fund yesterday!). Now I can only pray I can smooth things over with my buyer and that we fund today and record tomorrow!

This current day and age of lending is becoming more and more frustrating.. As lending regulation and laws change on a daily basis and regulations become tighter.

Who knows what is next for the lending business and First Time Home Buyers and Tax Credit as a whole.

What a Roller Coaster!

I will be watching HR 5623 like a hawk!

7/2/10

Update...

It has been passed... All you all now have until September 30th to close those escrows and your clients still get the tax credit!