To be clear, this great news only applies to eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April. So new contracts are not part of the extension.
The extension was made available as part of The Homebuyer Assistance and Improvement Act of 2010.
Now eligible taxpayers have 3 more months to close!!!
To receive the credit, eligible taxpayers must fill out Form 5405 and include the HUD-1. Good luck and have a great July 4th weekend.