Home buyers have an additional three months to close on the purchase to take advantage of the tax credit, as a result of legislation passed by Congress late last week..
Consumers who signed contracts by April 30 have until September 30 to close on the home, an extension from the original expiration date of June 30.
Under the law, there is an $8,000 credit for first-time buyers and gives a credit of up to $6,500 to repeat buyers who have been in their home for at least five years. The credit is available to individuals earning up to $125,000 and couples earning $250,000.
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