Home Tax Credit Extension 2010 – Approved By Congress – Home buyers Have Until September 30 – It looks like there is a new home tax credit extension that was approved by Congress yesterday which is great news for home buyers.

Under the new home tax credit extension, home buyers who signed contracts prior to April 30th but weren’t able to close by June 30th now have until September 30, 2010. In addition, this new home tax credit extension will include $8,000 in tax credit for first time home buyers as well as a $6,500 tax credit for those who are purchasing a new primary residence.

This will definitely help a lot of people out especially since we have been going through a recession. One of the main reasons for the extension is the fact that banks and settlement offices were overextended in dealing with the closing rush. Now, they don’t have to worry as much because these additional few months should help a lot of people, including the banks, out.

One key thing to clarify is the fact that this new bill does not actually extend the deadline for home buyers to sign a contract for a home but rather it just extends the deadline for closing out the transaction. The contract still needs to have been signed prior to April 30th.