Paper backlog could jeopardize tax credit for new home buyers - KMOV.com

Paper backlog could jeopardize tax credit for new home buyers

(KMOV) -- More than 3600 potential first-time home buyers in Missouri alone may not get their tax credit in time.

The $8000 tax credit opportunity for first-time home buyers expires at midnight on Wednesday, but new government requirements for lenders and title companies are creating a paperwork backlog. If the paperwork is not processed in time, sources say those buyers will have to look at other options so that they do not have to back out of their contracts.

Congress is attempting to help fix the situation. The House passed a bill on Tuesday evening giving some home buyers a 90 day extension. The bill now goes to the Senate.

 

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