Sep. 27--Yes, there's still time to take advantage of the first-time homebuyers' tax credit, but you'd better hurry.

A home purchase must be completed no later than Nov. 30 to qualify for up to $8,000 in tax credit.

But before signing on all the dotted lines, be sure you do it right. Worse than missing the tax credit would be buying the wrong home at the wrong price with the wrong loan.

As you begin the search for your first house, here are 10 things you should know. Helping us compile the list were Cindy Flaherty, director of homeownership with the Ohio Housing Finance Agency;

Theresa Hill, a senior homeownership counselor at the Mid-Ohio Regional Planning Commission; Kimberly Knight, an agent in the Bexley office of Coldwell Banker King Thompson; Angela Murphy, a partner in the Revealty real-estate firm; Terry Penrod, an agent in Real Living HER's Metro office; and David Zambo, a loan originator with Park National Bank.

SEEK GUIDANCE

Plenty of nonprofit agencies are available to guide first-time homebuyers through the process with classes, counseling and tips.

They include the Columbus Housing Partnership, the Columbus Urban League, Homes on the Hill, the Mid-Ohio Regional Planning Commission and the Ohio Housing Finance Agency.

For a complete list of HUD-approved counseling agencies, and useful tips for first-timers, visit www.hud.gov.

KNOW YOUR BUDGET

Prepare a monthly budget listing your income and expenses. It helps to track expenses for several weeks to arrive at a realistic understanding of where your money goes and where you might save.

Keep this rule of thumb in mind: Plan to spend no more than 28 percent of your gross monthly income on housing and no more than 36 percent on all your obligations, including car payments, credit-card debt and child support.

Account for upcoming expenses such as a new car or child care, and don't drain yourself dry at purchase. You should plan on having at least three months worth of mortgage payments tucked away.

TALK TO A LENDER

Do this before shopping for a home, for three reasons.

You need to start the process now to make sure you can close on the home in time to qualify for the tax credit.

You need to know exactly how much you can afford to know where to start looking.

And you need to be pre-qualified for a loan before some real-estate agents will even show you homes.

Call the lender ahead of time to set up an appointment. Many lenders will meet you after hours if you can't make it during the day.