Senate Approves Extension of Tax Credit Closings

The U.S. Senate has passed an amendment that would extend the closing deadline of the homebuyer tax credit by three months.

Right now, qualifying homebuyers who were under contract by April 30 have until June 30 to close the deal. But because of the large volume of applications for lenders to process, concerns have begun to surface that some buyers may miss out on the tax break simply because of the backlogged pipeline.
(Read this Article).