House OKs Credit Extension for First-Time Home Buyers With Contracts

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The House passes, 409-5, legislation (H.R. 5623) extending the closing deadline for the first-time home buyer tax credit from June 30 to Sept. 30. The deadline extension only applies for home buyers who entered into a written contract by April 30, according to a summary from Rep. Dahlkemper's office. “This extension will give time for all the new mortgages to be processed and not punish those homeowners who have been delayed through no fault of their own,” the summary says. An aide to Senate Majority Leader Reid says he hopes the Senate can act on a credit extension this week.

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