(Link) Instructions at IRS for deadline extension - Must've "Contracted" by April deadline
Okay everybody, calm down. Breathe.
This July 2, 2010, announcement by the IRS states that if a Qualified Buyer, contracted to purchase a Qualified home on or by April 30, 2010. The first extension that was supposed to expire in June. Has been pushed up to September 30th 2010.
Closing on a home is a big deal and takes a lot of time. Hopefully, buyers and sellers are working together to help the economy. This will allow eligible people who were near closing to go ahead and get their homes, and First Time Home buyers Credit.
The smartest thing to do is pretend like it expires at the end of August, because this will leave room for that last minute thing that can pop up to keep you from getting your home, and the $8,000.00 credit. It isn't too late, you can still get it done. Good Luck!