Nick Pakulla - Mortgage Lender Loan Officer in MD, DC, VA

The federal homebuyer tax credit settlement requirement has officially been extended until September 30th 2010.  President Barack Obama signed the bill into law yesterday (Friday July 2nd).

On Wednesday June 30th the Senate passed the extension of the First Time Homebuyer Tax Credit, the U.S. House of Representatives passed the bill Tuesday night, and President Barak Obama signed the bill into law Friday.

There was concern that the backlog created by the popularity of the program and the time it takes for most banks to deal with transactions such as short sales would have left many homeowners unable to claim the credit.

Nevada Senator Harry Reid led the U.S. Senate in passing the Homebuyer Assistance and Improvement Act.  “I thank my colleagues for joining me to pass this important extension and giving homebuyers in Nevada and around the country the opportunity to purchase their first home," Reid said.  "In addition to helping thousands of families experience the American dream, this successful and popular program provides a much needed boost to Nevada's housing market and economy.”

The bill gives first-time homebuyers, who already have a signed purchase agreement as of April 30, 2010, until September 30, 2010 to close on their homes and still get that extra $8,000.

"Up to 180,000 homebuyers will now receive the tax credit they deserve, and our housing market will be strengthened as a result," House Speaker Nancy Pelosi said in a prepared statement after the lower chamber approved the measure.

Remember, this is not a problem with First Place Bank here in Rockville Maryland!  With our in-house underwriting and processing none of our loans are “missing the deadline!”

Happy early 4th of July if you are going out to enjoy fireworks tonight!