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Ten weeks may seem like a long time, but people who want to qualify for an $8,000 tax credit for first-time home buyers need to start their hunt in the next few days or run the risk of missing the Nov. 30 deadline.

Experts say that with the problems, delays and usual complications of buying a home, it could take every second of those weeks to qualify for a loan, find the right home and sign the papers.

“They should already be in motion,” said Chris Young, a certified mortgage planner from Greensboro . “If they’re not already getting pre-approved right now, they’re already behind the eight ball.”

As part of the stimulus package, Congress passed a special tax credit for people who are buying their first homes or who have not owned a home for at least three years.

The credit counts toward purchases made between Jan. 1 and Nov. 30 of this year. The credit cannot be claimed until the purchase is complete.

It’s a direct credit, meaning a taxpayer can take $8,000 directly off his total tax bill or receive a refund in that amount. The credit technically is 10 percent of the value of the home, up to $8,000, but most homes cost more than $80,000.

The IRS has some income restrictions, and the home must be the buyer’s primary residence. But it’s a good deal for many middle-class buyers.

Nearly 45,000 people in North Carolina have claimed the credit already.

Catherine Maracic , who hasn’t owned a house since 2005, has plunged into the process since getting pre-approved earlier this summer.

“That was very exciting for me because $8,000 is a lot of money,” said the Greensboro postal worker.

Maracic, a Kernersville resident, is looking for a home there. She is working with a Realtor, but the process has been difficult even though the market is full of bargains.

With foreclosures and depressed prices, banks are often unpredictable, she said. And that makes setting a schedule tough to do.

“I can’t wait three months,” she said. “I can’t wait a month.”

She is expecting to find a home soon, however, in her price range of less than $140,000.

Bill Guill, a Greensboro agent with Allen Tate Realtors, said his work with first-time home buyers tripled over the summer even though his overall sales are down a bit.

“That program has had a major impact on the home market,” he said.

He recommends that people looking for homes be under contract by mid-October. Bank backups and other unforeseen problems can quickly ruin progress toward the deadline.

Many buyers are using the credit for remodeling or fixing up a home that is not in perfect condition, Guill said. And that helps his business.

“I think the buyers now, knowing they are going to get their money back, are being a little more realistic about the properties they’re buying if they’re not in perfect shape,” he said.

For Young, the tax credit has also been a boon to his work this year.

In addition to spurring his mortgage business, the credit has allowed Young to assist in more financial planning. He gives clients tips about the best way to collect the tax money.

For example, a worker expecting to take advantage of the tax credit can alter his W-4 tax withholding form and reduce the amount withheld from a paycheck to get the $8,000 incrementally. He assisted Maracic to work this out.

A buyer can use that money for closing costs or other up-front needs.

When tax time rolls around in 2010, the home buyer can use the credit to offset the shortfall from the adjustment.

Maracic, who jokingly describes herself as a “middle-aged” single woman, feels the pressure, even though she’s done all her homework, because she doesn’t want to let this opportunity pass her by.

She was in the process of making an offer last week on a home she liked.

Once people like Maracic have bought their first homes, business could drop sharply on Dec. 1 unless Congress extends the program.

“The potential drawback, just like any form of stimulus like this, is you’re moving forward future purchases,” Young said. “There will be some unintended consequences.”

For now, however, Guill, Young and Maracic can’t take their eyes off the work at hand.

“It’s critical I find a house,” Maracic said. “I don’t want to have to pay back the taxes.”

Contact Richard M. Barron at 373-7371 or richard.barron@news-record.com