Tax Credit Deadline for closing Extended and Flood Insurance again available

Great news for First Time Home Buyers and for those buyer's needing flood insurance to close on their loans!  Here are the latest updates from Congress.

• Tax credit processing extension

o        The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30^th.  There will also be no gap between June 30^th and the date the President signs the bill into law.  The extension only applies to transactions in which the purchase contract was signed by April 30^th. Please note this bill is pending the President’s signature.

• Flood insurance extension

o        The Senate has passed H.R. 5569 which extends the National Flood Insurance Program until September 30, 2010.  The bill is retroactive from June 1, 2010 to the date the President signs this bill. Please note this bill is pending the President’s signature.