ne of my first-time homebuyers will not get the $8000 tax credit this week. They were under contract to buy an amazing HUD house, but when the loan went to closing - lo and behold - HUD hadn’t filed the warranty title deed correctly, so now we have to wait about two weeks for it to be cleaned up.
Which means closing won’t happen until mid July. Which means the deadline of June 30th to close to get the tax credit will have expired. Which means my buyers lose out on the $8000.
The feds mess up a federal program.
I do not bang the anti-government drum by any means - in fact I think most government programs that help boost the economy and help people are good. However in this case I find it ironic that it’s a federal agency that is costing my buyers from benefiting from another federal program.
There have been efforts to extend the closing date for the nearly 200,000 buyers who will otherwise miss the deadline, but the Senate killed the measure last week. While the Wall Street Journal reports there may still be a chance of the closing deadline being extended, there is no guarantee that the House and Senate, Republicans and Democrats, can get along long enough to make it happen.
But I’m keeping my fingers crossed on behalf of my first-time homebuyers.
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