July 2nd 2010:

Homebuyers worried about closing their house purchases before the tax credit cutoff have three more months to meet the deadline.

The House approved the measure Tuesday, and the Senate approved it Wednesday night.  President Obama is expected to sign it this morning.  The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000 for first-time buyers and $6,500 for existing owners who move.  Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The bill only allows people who already have signed contracts to finish at the later date. Nearly 3 million taxpayers claimed the tax credits through May 22 at a cost of more than $21 billion, according to the Treasury Department.