There has been a national discussion occurring to extend the closing date for buyers who are under contract by April 30th but who are unable to close by June 30th. The Senate just passed an amendment to HR 4213 to approval this extension until September 30th. The House has passed a similar bill, but the House and Senate bills need to be reconciled. NAR has indicated that as many as 1/3 of buyers may not be able to close by June 30th, due to the sheer volume of closings occurring. This legislation – if passed – will NOT extend the time frame to be eligible to qualify for the tax credit – that date has come and gone, as it was April 30th.

Source: http://www.rirealtors.org/NewsAndEvents/newsarticle.asp?newsID=1111