As of 5 pm this evening, the Senate still had not approved the tax credit extension that the House passed yesterday. Therefore technically today was the last day to close the loans and be eligible for the tax credit. HOWEVER: the Senate can still vote after today – and if approved – issue an extension. In other words, it is still possible that the Senate could pass an extension. The news articles that I have seen indicate that the Senate could vote on this either tomorrow (Thursday) or Friday.

It is important to remember that if an extension is passed – it would still only apply to loans where the contract of sale was executed on or before April 30, 2010. The extension would only address the closing deadline – not the contract execution date.