Homebuyer Assistance & Improvement Act Signed Into Law

The Homebuyer Assistance and Improvement Act of 2010 (HR 5623) was signed into law by President Obama on July 2, 2010. The new law provides a three-month reprieve and a second chance for eligible taxpayers who contracted to buy a home and qualified for the first-time homebuyer credit but could not meet the June 30, 2010 closing deadline.  Those who entered into a binding purchase contract prior to May 1st to close on the purchase of the home prior to July 1st will now have until September 30, 2010, an extra 90 days, to close the transaction.
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