Maine Waterfront Real Estate

Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010.  This is a huge win for homebuyers, and the National Association of Realtors worked closely with members of Congress to make it happen.

The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed.  There will be no gap between June 30 and the date the President signs the bill into law.

Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th.  The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted.  NAR will continue to work with Congress on the NFIP Reform bill.

For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.