Buyers MUST have been under contract by April 30th. The previous closing deadline was June 30th for these buyers, but as a result of the new legislation, they will have until September 30th to close on their purchase.
Our personal experience indicates that the buyers most affected were those who had contracts in on 'short sale' properties. In our area, that is a fairly large percentage of the sales right now, so this extension will give those buyers some breathing room.
The $8,000 credit was for first time homebuyers and the $6,500 credit was for others purchasing a new primary residence (with some restrictions).
