Tax Credit & Flood Insurance Extensions Approved!
The U.S. Senate unanimously passed legislation late yesterday (June 30, 2010) that would allow qualifying Buyers to still receive the Tax Credit. Under the new Homebuyer Assistance and Improvement Act (H.R. 5623), home Buyers that had an accepted offer prior to May 1, 2010 that was scheduled to close prior to June 30, 2010, can breath a little easier if their closing has been delayed. They now have until September 30, 2010 to close on their new home. The U.S. Senate also passed, unanimously, The National Flood Insurance Program Extension Act (H.R. 5569). This important piece of legislation will extend the National Flood Insurance Program until September 30, 2010. Without the extension, Buyers looking to purchase a home in a Flood Zone were unable to obtain Flood Insurance. Consequently, lenders couldn’t approve mortgages without the necessary Flood Insurance, and many Buyers and Sellers were left disappointed. Please enjoy a safe and happy 4th of July! The Kuchta’s, Kelly & Colleen.
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Colleen Kuchta
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