MortgageJaw.com

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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According to the CNBC report Obama will be signing the bill for the Unemployment and 1st time Home buyer tax credit extension. 

Obama To Sign Bill Friday Extending Homebuyers Credit
Congress took further steps to right the staggering economy by expanding a popular tax credit for home-buyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects.

http://www.cnbc.com/id/33673455/

Summary:

This extends the credit for first time home-buyers through JUNE as long as home-buyers have a signed contract by the end of APRIL. It also offers a $6,500 for those who lived in their current homes for at least 5 years to buy a new primary residence to live in. The income level has been raised to $125,000 for individuals but homes must cost less then $800,000.

Hope this helps.