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Late last night, the Senate approved the Homebuyer Assistance and Improvement Act, HR 5623.  This bill extends the closing deadline to qualify for the $8,000 first-time and $6,500 repeat homebuyer tax credit through September 30th (originally, the closing date deadline was June 30th). In addition, HR 5569 , which extends the National Flood Insurance Program to September 30th, 2010, was also passed.

These two measures were high priority items for many homeowners, as buyers in flood zones were unable to close on loans.  Many other buyers also stood to lose a refundable tax credit totaling thousands of dollars due to a backlogged system.   Both deadlines threatened to derail many residential real estate transactions.  According www.WhiteHouse.gov, the President signed both extensions into law today, Friday July 2nd, 2010.

I hope you have a safe and happy Independence Day Holiday.