A bill that would have extended unemployment benefits, as well as extended the closing date for the first time homebuyer tax credit to September 30th, and extended a variety of other tax credits, failed to get enough votes yesterday. 

The amendment to extend the closing date for the tax credit was attached to a much larger Jobs Bill that would add an estimated $35B to our already burgeoning deficit.  The Jobs Bill also would have extended unemployment benefits for people out of work more than six months.

The White House said that the President will continue to try and move the Bill through Congress.  Hopefully the extension can be passed as a stand-alone measure or attached to a less controversial bill.

For now, those that qualify for the First Time/Repeat Buyer Tax Credit must close their loans by June 30, 2010.

Please feel free to email me at dgeibel@cascademortgagewa.com or call me at 509-232-7725 with any questions.