Before adjourning for its week-long July 4 recess, Congress approved legislation giving home buyers more time to qualify for a tax credit by extending the deadline for closing on a home purchase from June 30 to Sept. 30. President Obama signed H.R. 5623, The Homebuyer Assistance and Improvement Act of 2010, into law on July 2. The extension only applies, however, to those home buyers who had a binding sales contract in place prior to May 1, 2010.