June 18, 2010 – For those of you who purchased Chicago condos in time to qualify for the $8,000 First-Time Homebuyer Tax Credit but need a little more time to close, you may be in luck. The original deadlines for the tax credit were to have a sales contract signed by April 30th and close by June 30th. But the Senate has approved a three month extension for closings. The new deadline is now September 30th.

This extension was proposed by Senate Majority Leader Harry Reid and was approved by a vote of 60-37 last week. The extension is only valid for buyers who did get a contract signed by the original April 30th deadline.

According to data released by the Federal Housing Administration, around 180,000 buyers would most likely miss the June 30th closing deadline due to difficulty in securing home financing for their purchase.

This extension should help many who purchased Chicago real estate for the first time and are finding that locking in a mortgage can be difficult to do under a deadline.

[tags]First-Time Homebuyer Tax Credit, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Friday, June 18th, 2010 at 12:52 pm and is filed under Mortgage Information.