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Homebuyer Credit Extended Again

First-time homebuyers got another extension and have until Sept. 30 to close their contracts and get the $8,000 tax credit. A bill allowing the extension was passed by the Senate late Wednesday night.

President Obama is likely to sign the bill, which was approved by the House on Tuesday. The cut-off date had been June 30.

The bill doesn’t support any person currently shopping for a home. Buyers must have signed an agreement by April 30 to be eligible for the tax break.

Existing homeowners also have until Sept. 30 to close on new homes and obtain a tax credit of up to $6,500.

An estimated 200,000 people have missed out on the tax credit as they wouldn’t have been able to close contract by the end of business June 30th. Many are trying to take advantage of short sales, which are difficult deals to complete.

The Senate agreed to the separate homebuyers’ tax credit soon after a botched try to advance a bill that pooled the credit with an unemployment benefits extension.