Investors are plainly backlogged in the processing of loans to be purchased, in part due to the tsunami of loans originated due to the first time home buyer tax credit. These loans must fund by June 30th  and this closing deadline has not been extended. It may be, however, through the potential approval of an amendment to the Tax Extenders Bill. Under the amendment, borrowers who signed purchase contracts by April 30 would be given three extra months to close their loan and still qualify for the homebuyer tax credit. The new deadline would be September 30, 2010.

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