The first time home buyer tax credit incentive is a most powerful incentive to purchase a new home, equal almost to actually being a home owner. For those interested in taking advantage, it is important though to act now.

Potential homebuyers who are qualified for the tax incentive will risk missing the November 30 deadline, if they delay.

Many lenders have a backlog of 2 weeks or more to underwrite a loan submission. Many lenders will not review a loan submission if the home buyer does not yet have a property under contract.

The lender backlog will likely increase as the November 30 deadline approaches.

This might very well mean that those home buyers who wait risk missing the deadline while their application is waiting in line to be approved.

Don't be this person. If you want to purchase a home and take advantage of the tax incentive, act now.

Get preapproved.

Find a property.

Do not wait.

The tax credit incentive means up to $8000 in your pocket, plus the very real, the very significant benefits of home ownership.

Do not wait.