If you were struggling to close on the purchase of a home so you could get an $8,000 tax break, thank the housing gods or whatever deity you follow.
You now have three more months to close on your new home.
At the literal eleventh hour last night, the Senate signed off on a measure extending the first-time homebuyer tax credit's settlement deadline until Sept. 30. Since the eventual bill that was approved is identical to the House measure passed on Tuesday, it is now on its way to the president to be signed into law.
While this bill gives buyers who were frantically trying to get the paperwork finalized yesterday some breathing room, it remains a very specific tax break.
Yes, eligible home purchasers now have until Sept. 30 to finalize the closing of their home. And yes, the potential $8,000 credit for first-time buyers or $6,500 maximum credit for repeat buyers remains.
But to be eligible for the extra time, you must have had a valid contract for the home you're buying in force on April 30. Folks looking to buy a new place now are out of tax credit luck.
For those of you who are eligible, though, take a breath. Relax. You've finally got time to get into your new place and get a tax credit, too.