Obama signs tax credit, flood insurance extensions into law

Closing deadline for homebuyer tax credits pushed to Sept. 30

President Obama today signed into law bills extending the closing deadline for claiming the federal homebuyer tax credit and temporarily reinstating the National Flood Insurance Program.

HR 5623, the Homebuyer Assistance and Improvement Act of 2010, gives homebuyers who were under contract by April 30 until Sept. 30 to close their home purchase and claim the federal homebuyer tax credit, if they meet other eligibility requirements.