Some sage advice from HSH Associates, a provider of loan and mortgage data: If you want to take advantage of the economic stimulus package's $8,000 tax credit for first-time homebuyers, get going now. You need to close by December 1. There’s always the possibility that Congress may extend the deadline, but that’s probably not something you’ll want to count on in the middle of a contract.

Even in a normal environment, it usually takes four to six weeks to get from the contract to the closing table.  But these aren’t normal times. Loan processors still can’t keep up with the surge in applications that began in January, and you can expect much more rigorous scrutiny by underwriters.

For more details on the credit, check out the IRS Web site.–Chris Horymski