Thousands of Texas homebuyers in jeopardy of losing their federal homebuyer tax credit have received a reprieve. That’s good news for these folks who were looking forward to a credit up to $8,000 for first-time homebuyers and as much as $6,500 for others.

The federal homebuyer tax credit attracted so many homebuyers that it created a backlog for lenders, title companies, and other service providers. That log jam threatened to push many closing dates beyond the June 30 deadline in place for taking advantage of the credit. One estimate puts the number of delayed Texas transaction at 15,000.

At the last minute, Congress passed a deadline extension. Now, these transactions must be closed by Sept. 30, 2010.

Let’s be clear about what this extension is … and isn’t. It applies only to home purchases that were under contract by April 30, 2010. So, even if you get a house under contract now and close the transaction by September 30, you cannot take advantage of the federal tax credit.

Even if you missed the federal tax credit, you may still qualify for homebuyer assistance. To find out, visit TxHomePrograms.org.