Ok, don't panic, it doesn't end until December 1st, 2009.  But don't get complacent, either...  That is sooner than you think.

If you aren't familiar with the FTHBTC (First Time Home Buyer Tax Credit), here is a little reading.  The first thing to know is that not owning a home for the last 36 months qualifies one as a First Time Home Buyer for this tax credit...

So, back to the timeline...

Loans are taking a little longer to close lately...  The end of November is going to be VERY busy with closing attorneys...  The good deals aren't on every corner...

So, getting a home under contract 45-60 days out from the December 1st date would be a really good idea.  That means that you really want to have the right house picked out by September.  If there is a failure on a deal... or a short sale... it could add a month or two to the process.

Bottom line...

Don't let the time get away.  If you qualify, don't leave $8,000 sitting on the table.  And finally, don't think that looking for a house after Halloween gives you a great chance at getting closed by December 1st...

from LaneBailey.com