Congress has finally passed two important extensions that will give some buyers reason to jump for joy! The Homebuyer Assistance and Improvement Act deadline for closing has been extended from June 30 to September 30. This applies only to those transactions that have ratified contracts dated prior to April 30 that haven’t closed yet. This program offered qualified buyers up to an $8000 tax credit when purchasing a home.
The other piece of good news is that flood insurance is again available by the Senate’s extension of the National Flood Insurance Program. The bill is retroactive and covers the lapse period from June 1 to the date of enactment. It’s been impossible to close on some properties because this critical form of coverage wasn’t available anywhere and lending institutions were naturally reluctant to close on loans where properties that require flood insurance couldn’t be insured.
I wrote in an earlier post that it had been erroneously reported to have been passed, but this time it is official.
To read more about the extensions, click to be directed to Inman News’ coverage. To discuss your real estate needs give me a call at 305 794.6570 or leave me a note. You can also get my posts directly in your email.