Congress Extends Homebuyer Tax Credit & Flood Insurance Program
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Congress has announced they have passed a bill extending the $8,000 Homebuyer Tax Credit closing deadline to September 30, 2010. This extension only applies to transactions executed by April 30, 2010, and have not yet closed. The President still needs to sign the bill. For additional information on the tax credit deadline, click HERE.
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. Why is this important? If you are purchasing a property, in a designated flood zone, and you are obtaining a mortgage, you won’t be able to close without a flood insurance policy. This is the 4th extension Congress has approved since the debate continues over how to pay for the debt from the 2005 hurricane season. Click HERE for additional information.
Insurance can be tricky and overwhelming if you don’t know what to ask your insurance agent. This 2-page brochure has some questions you can ask your insurance agent and also some basic information on flood insurance.
WASHINGTON – Nov. 6, 2009 – President Obama signed into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. The extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.
