Mortgage companies may see a surge in new customers as the deadline to take advantage of the first time home buyer tax credit nears. The IRS will allow a 2009 credit of 10 percent of the home's purchase price up to $8,000. To qualify, homebuyers must purchase their home before November 30. Since it takes several weeks to finalize some mortgage loans, homeowners should get qualified now in order to meet the deadline.

The guidelines to qualify for the tax credit are:

• A first-time home buyer is anyone who has not owned a principle residence in three years. If you are married and your spouse has owned a home in the past three years, you will not qualify.

• Your income cannot exceed $75,000 if you are single and a combined $150,000 if you are married.

Homeowners who want to take advantage of the tax credit should start the qualification process as soon as possible to meet the deadline. Pre-qualification is based on the buyer's ability to pay and his or her willingness to repay. To begin pre-qualification you should bring several documents to your mortgage officer including:

• Proof of income. This includes more than your paycheck stub. If you receive child support or alimony, money from a settlement or any other income, bring proof.

• Bill receipts that show how much you owe. This includes credits cards, car loans and any bank loans.

• Tax returns. These will show your annual income for the past few years.

You will have a better chance of getting a mortgage if you have been employed by the same company for the last two years or at least been in the same career field. Many people who are self-employed believe that they will have a hard time getting a loan. While self-employed people do have some challenges, many still get loans. Documentation of income and debt and a good credit history is important in convincing the mortgage officer that borrower can repay the loan.

Pre-qualification helps homeowners in several ways:

1. They know they are eligible for a loan. Finding a great home and THEN learning that they don't qualify for a loan is disheartening.

2. They know how much they can borrow. This will help narrow the search for a home. If the future home owners know they are only eligible for a $130,000 loan they will not look for a home that is worth $200,000.

3. Since the homeowner has already turned in much of the documentation needed at closing, the closing process will go smoother.

How can a potential home buyer find out if there is still enough time to qualify for the first time homebuyer credit? Talk to a mortgage broker and make an appointment. He or she will be able to explain how long the application process will take and if you could possibly pre-qualify for a loan. Explain your current financial situation—especially your current credit score. Having this knowledge will make it easier for you as you search for your first home!