Since the Homebuyer Tax Credit Extension is attached to bill HR 4213 which is the unemployment bill, there are several hurdles along the way. Currently one of the hurdles is coming from Sen. Tom Coburn (R, OK) and he is using a procedure known as a “Clay Pigeon” which would split the amendments of the bill into 20 separate pieces and would cause voting to take place 20 different times. This slows down the process for approval and could open the door for losing supporting votes. Here is a good website to see updated status of this bill. Hope this helps 
http://www.opencongress.org/articles/view/1924-Coburn-Now-Using-Arcane-Procedure-to-Stall-Unemployment-Bill
Yes, the Senate has moved the tax credit extension on to the next steps allowing borrowers until September 30th to get financing on their sales contracts they got before the April 30th date. If anyone has already closed though, they can go to the direct links at Tax Forms to print them out and follow the instructions to get your tax credit. Below is a good article explaining what is taking place, hope this helps!
Just wanted to highlight this part of the article though:
“Reid, D-Nev., added the proposal to a bill extending jobless benefits through the end of November. Nevada has the nation’s highest foreclosure rate, and Reid is facing a tough re-election campaign.
The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline.
“If Congress fails to act promptly, then prospective homebuyers might not get the benefit of the homebuyer tax credit, even though they have completed contracts,” the Realtors said a a letter to lawmakers.
Here is the full article:
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That’s right, their was a bill introduced Thursday that could extend out the cut off date for the loan to close from June 30th to September 30th 2010. Also from this Wall Street Journal article you can see why the extension would be needed for making sure the closing date is met. The caution I put on this is still treat your closing as it MUST get closed by June 30th because this option proposed to extend the date is attached to a bill that is getting a lot of push back for getting the votes to move through congress. The article below is a good one from WSJ and here is another link to CNNMoney about the same subject. Hope you Enjoy Don’t forget to print out those IRS forms……just head over to TAX CREDIT FORMS with direct links to the forms on the IRS website.
http://money.cnn.com/2010/06/10/real_estate/housing_credit_extension/index.htm
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