That’s right, it’s not too late for first-time homebuyers to get their $8,000 tax credit.  If you close on a home by July 31st, you can file an amendment to your 2008 taxes to obtain the tax credit now.

The same rules apply, first-time homebuyers and those who have not owned a home in the last three years qualify.  The credit is 10% of the home value or $8,000 whichever is less.  The credit begins to phase out at a modified adjusted gross income of more than $75,000, or $150,000 for joint filers.

Do you need to close before July 31st to get the credit?  No.  Eligible buyers can still get the tax credit for purchases made prior to December 1st.  However, buyers who purchase after July 31st will file for the credit on their 2009 tax return.

Article by Chad Underwood, Owner/Broker, Chad@NorthTexasHomeFinders.com, www.NorthTexasHomeFinders.com.