The National Association of REALTORS® (NAR) supports federal legislation that has been introduced to extend the homebuyer tax credit closing deadline to Sept. 30 instead of the current June 30 deadline.

The proposed extension would not extend the deadline to qualify for the tax credit. It would only extend the deadline for closing the transaction to Sept. 30. NAR estimates that there could be as many as 180,000 homebuyers who qualified for the tax credit and met the April 30 contract deadline, but because of  the number of mortgage applications in the pipeline, will not be able to meet the June 30 closing deadline. 

"These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves as the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes. It would be a tragedy for them not to be able to complete the purchase in time to claim the credit," said NAR President Vicki Cox Golder in a recent NAR news release.

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According to the National Association of REALTORS® on June 29: "The United States House of Representatives passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This bill extends the deadline for closing tax credit eligible transactions from June 30 to September 30, 2010. The bill moves to the Senate where the outcome is much less certain. NAR will continue to update you as the events move forward."