How to make deadline for home purchase tax credit

To qualify for a federal tax credit of between $6,500 and $8,000 for buying a house, you must have your contract completed by Friday and close by June 30. Here are some tips for making those deadlines.

Do you still have a shot at making the Friday tax credit deadline? Try these suggestions for getting the deal done fast:

Get everyone on board. Tell your attorney, broker and lender and the seller's team that you're trying to make the deadline, advises Chandra Ortiz, the committee's vice chair. If your ability to buy the home depends on it, say so, she says.

Avoid common pitfalls. Complete the home inspection and try to resolve any issues immediately, and be sure all certificates of occupancy are provided, says Commack real estate attorney Lita Smith-Mines. Have your down payment funds available so there's no delay while the check clears, says Joseph La Face, chairman of the Nassau County Bar Association Real Property Committee. Get a pre-approval letter from your lender, Ortiz suggests.

Consider unusual measures. Save time by having both parties sign the contract on the same day - have a sit-down signing with buyer and seller present, or have the contract hand delivered, suggests La Face. If inspection delays could make you miss the deadline, try asking for the contract to be contingent upon completing it shortly after signing, Ortiz suggests.

Don't drop the ball. There's still one more deadline: The sale has to close by June 30. Smith-Mines advises reserving the right to walk away or be compensated if you're delayed past the closing deadline through no fault of your own, such as the seller's being unable to vacate the property in time. Be meticulous, cooperate and communicate with your lender.