NEW YORK (CNNMoney.com) -- First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on their purchases if a Senate amendment unveiled Thursday makes it into law.
As it stands now, homebuyers must have signed contracts by April 30 and must close the deal by June 30. They could be eligible for an $8,000 tax credit if they are first-time buyers or a $6,500 credit if they owned and lived in their previous home for five of the last eight years.
The closing deadline, however, could be pushed back to Sept. 30 under an amendment offered by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. The senators said they want to make sure banks have time to process the transactions -- especially short-sales, which is a more involved process.
"By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home, Reid said.
It remains to be seen, however, whether the amendment will go anywhere. It's part of a controversial jobs and tax bill that may be radically changed before the Senate approves it. Lawmakers are not scheduled to vote on the bill until next week at the earliest.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.01%||3.98%|
|15 yr fixed||3.14%||3.15%|
|30 yr refi||4.05%||4.00%|
|15 yr refi||3.16%||3.20%|
Today's featured rates:
Kraft Heinz has abandoned its more than $140 billion bid for food and personal care products giant Unilever. But the company, which has Buffett as its largest investor, could still be interested in buying another big supermarket staple. More
It's still not clear whether millions of European Union migrants living in the U.K. will be permitted to stay in the country. More
Some Silicon Valley workers are going public with how their lives are changing under the new President as part of a new project from photographer and oral historian Helena Price called "Banned." More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Pay yourself first; donate stuff you don't need to charity and remember to claim deductions; finally, cut your recurring expenses. More