It's been a big boom for the housing industry at a time when help was really needed. We're talking about the $8,000 stimulus tax credit. But if you want in on it, time is quickly slipping away.

The tax credit helped get houses selling again. First time homeowners, or those who haven't owned a home in three or more years, can qualify for up to $8,000. The deadline is November 30th, but you need to act a lot sooner than that.

The Malhotras have stopped in the atrium of the Nebraska Medical Center with one thought in mind.

Gautam Malhotra says, "we're looking to buy a home, hopefully before November 30th, and we wanted to get as much information as we could."

And a seminar by UNMC’s Real Estate with Honors program is helping Gautam Malhotra and his wife, Nishma, get that information.

Nishma Malhotra says, "because there's always hidden things that you don't know about with inspections and all of that, so we just want to make sure we get the right house. But it's definitely an incentive if we can get the right house and get the tax credit too."

The $8,000 federal tax credit is a main sell, not just for future buyers, but those who help close the deals.

Mortgage manager Mark Johnson says, “most of our purchase business, about 50%, is first time home buyers because they have the low interest rates, they have the tax credit."

But to get a home and the tax credit, don't wait until the November 30th deadline.

"Your average time to process a loan is probably taking 30 to 45 days, just with all the increased documentation and increased turn times for appraisers and underwriters," says Johnson.

Today's financial features are bringing buyers to Celebrity Homes too. Features like a tax credit, low interest rates and good financing deals that put that tax credit to good use.

Shawn McGuire with Celebrity Homes says, "with this financing, you can actually receive those funds the day of closing to allow you to get into your home with literally as little as $1,000 out of your pocket."

The Malhotras are still early on in their house hunt, and while the tax credit won't make or break a deal, it sure comes along at the right time.

Gautam Malhotra says, "we just started about two or three weeks ago, so this is the perfect for us."

Again, the $8,000 credit ends on November 30th. But you really want to start the paperwork no later than the end of October, but even earlier is better to guarantee you meet the deadline.

Lenders vary, but on average you need to have a minimum credit score of 600 with no late payments and established credit. Also, you need to have at least 3½% as down payment on the home.