Sarasota – Bradenton Florida area home buyers who already had home purchases under contract as of April 30, 2010 and who otherwise qualified for the first-time or “move-up” home buyer tax credit, but had not yet closed due to the huge backlog of mortgage applications, have been given a break.
Thanks to an amendment to the home buyer tax credit program, these home buyers will now have until September 30, 2010 to close on their home purchases. Under normal circumstances, these buyers would have closed on their purchases by the original deadline date of June 30th, but because of the huge number of mortgage applications filed, a huge backlog of in-process applications built up. This amendment gives them until September 30, 2010 to close on their home purchase and still qualify for the tax credit.
The “American Jobs and Closing Tax Loopholes Act of 2010,” which also extended unemployment insurance benefits includes this time extension. Senate majority Leader Harry Reid had said this extension will allow lenders to clear nearly 180,000 home buyer mortgage applications across the country. President Obama signed the legislation into law this past week.
National Association of Realtors President Vicki Golder said recently, “Since these applications were already in the pipe-line and included in the program’s cost, this extension of the closing deadline will not incur any further government costs.”
One well-known Sarasota real estate agent welcomed this extension as a way to help many first-time and move-up home buyers complete their home purchases.
Even though for most prospective buyers the tax credit program has expired, there are still fantastic home and condo bargains available in the Sarasota - Bradenton real estate market. Visit any of several Sarasota real estate websites including Rich Stover's Sarasota real estate website to learn the many reasons why people choose to live in the “Florida Sun Coast Paradise” that is Sarasota - Bradenton and the surrounding communities and Island Keys.
