First-time homebuyer tax credit clarification

Since November of 2009, when Congress extended the First-time Homebuyer Credit, I have conducted a few hundred real estate closings and have heard a lot of misinformation being shared among real estate agents, mortgage lenders and homebuyers.

The most common misunderstanding relates to the timeline for qualification.

Under the law, as extended, a homebuyer must have ratified a sales contract for a principal residence on or before April 30, 2010 AND must complete the real estate closing by June 30, 2010. This means the ratified contract must be dated on or before April 30, 2010 and the signed HUD-1 Settlement Statement must be dated on or before June 30, 2010.

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