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Home buyer tax credit deadline extended through September

The Home Buyer Assistance and Improvement Act of 2010 recently signed by President Obama extended the closing deadline from June 30 to September 30 for any eligible home buyer who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010. The new law addresses concerns that many home buyers might be unable to meet the original June 30 closing deadline.


Consumers who signed contracts by April 30 have until September 30 to close on the home, an extension from the original expiration date of June 30.


First time home buyers can take advantage of an $8,000 credit while repeat buyers, who have been in their home for at least five years, are eligible for a $6,500 tax credit.


Further information on how credit union members can take advantage of the program is located by clicking here.