June may have ended, but that hasn’t stopped the popular homebuyer tax credit program from going strong.

Homebuyers who have signed purchase agreements as of April 30, 2010, will have three more months to close their deals and pocket thousands of tax credit dollars, according to Reuters.

Congress today unanimously approved the measure, extending the closing deadline from June 30 to Sept. 30, 2010.

That means that approximately 180,000 first-time and existing homebuyers are still in the running to collect the $8,000 and $6,500, respectively, government incentives.

President Barack Obama is expected to soon ink his ceremonial signature to make the extension official.

Since its introduction in early 2009 (and expanded/amended numerous times), the homebuyer tax credit program has helped nearly three million American taxpayers who have collectively claimed more than $21 billion, according to the latest U.S. Treasury Department figures.

For more information about whether or not you qualify for tax credit funds visit IRS.gov. To  check out the latest news on the tax credit situation click here.

The race to meet the $8,000 tax credit for first-time homebuyers, as well as the $6,500 incentive for existing owners, ended on April 30, 2010.

And according to a report released today by the National Association of REALTORS®, a rush of buyers made a mad dash to the finish line and crossed it at the last possible moment.

Sales of pre-existing homes rose 6 percent in April 2010, making it the third consecutive month-over-month increase and the highest level since Oct. 2009.

Lawrence Yun, NAR chief economist, talks about the power of the tax credits:

“There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales…. The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure.”

All told, more than 2.6 million households took advantage of the tax credit as of April 2010, according to the Internal Revenue Service, at a cost of $18.7 billion. Those numbers will likely rise in the near future — homebuyers who have signed sales contracts (as of April 30, 2010) still have until the end of this month (June) to finalize their deals and qualify for the credits.

Did you miss the deadline?

The good news, for buyers/investors, is that mortgage interest rates and home prices are still at all-time lows. Feel free to search for foreclosed home for sale in your area right here.

And according to Lew Reich, an agent at Keller Williams Realty in Plano, Texas, the rush to get contracts signed in time has been hectic:

“It’s gone nuts. We’re seeing a very strong rush, strong sales, a lot of people are being energized by the end of the credit.”

The nearly two-year program, which was introduced to help boost a struggling nationwide housing economy in July 2008, officially comes to a close on June 30, 2010.

That’s if and only if you can get a binding contract dated no later than today (April 30, 2010) in your hands. As long as it closes in the next two months,  you can still claim your $6,500 or $8,000 tax credit.

To search for the best deals in your area right now and potentially get in at the last possible minute click here.

There’s always the slim possibility that the tax credits will be resurrected in the future, especially if the program is deemed a success once the dust settles. For now, however, don’t count on it.

Lawrence Yun, the chief economist for the National Association of REALTORS (NAR) explains via The Wall Street Journal:

“We know that foreclosures will remain high. We’ve had this shadow inventory coming on, and it is being absorbed…. If this year’s [autumn and winter] sales can match up with last year, when there was the credit, then we can say that the housing market is back on its feet.”

Here’s to hoping.

In the meantime, check out the foreclosed homes for sale in your target market right here.

Remember: You need to get a deal in the works by this Friday, April 30, 2010, and close by June 30, 2010, to be eligible for the first time ($8,000) or existing ($6,500) tax credits.

Of course, the limited-time blog reader special discount on our FREE 7-Day Trial is also set to expire at the end of this month.

Hurry!

Be sure to act fast because the best deals — and these incentives — won’t last much longer! Search now.

It looks like first time homebuyers will indeed have more time to take advantage of the $8,000 tax credit, which was scheduled to expire on Nov. 30, 2009, according to the New York Times.

Legislation to extend the popular program until April 30, 2010,  recently cleared a big hurdle in the U.S. Senate, receiving unanimous support among lawmakers (85-0). The initiative could land on President Obama’s desk for final approval at the end of this week or early next if it passes its next stop in the House of Representatives.

In addition to first timers, the new measure would reward existing homeowners — those who have lived at their current addresses for at least five years — with $6,500 tax credits for buying new homes.

And last but not least, the new legislation will raise the income limits for eligibility ($125,000 a year for individuals and $225,000 for couples), ensuring that more people can take advantage of the incentive.

Stay tuned for additional updates on this developing situation. For more background on the $8,000 tax credit for first time homebuyers click here.