Homebuyer Tax Credit Extended to Sept. 30

Homebuyers now have an extra three months to finish qualifying for federal tax incentives after the Senate on Wednesday approved the proposed homebuyer tax credit extension, according to the Associated Press. The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000 for first-time buyers; current owners who bought and moved into another home could qualify for a credit of up to $6,500. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

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