The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30th. There will also be no gap between June 30th 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 30th.
So, if you are a buyer who got Mutual Acceptance before April 30th and you can close by September 30th, you will be eligible for either the $6500 or $8000 tax credit.
Source: Sheila Bryan; Cobalt Mortgage
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