For sale sign/ Credit: Flickr/Casey Serin

Just over a month from now, the first-time homebuyer tax credit of $8,000 will be a thing of the past. While the credit has been the subject of fraud and controversy, it has also boosted home sales in tough times and given young buyers new opportunities.

In Arkansas, there’s been a rush on buying property as the deadline nears. As Kelly MacNeil of Little Rock’s KUAR reports, realtors are under a huge amount of stress to get deals closed in the short time ahead.

But closing a mortgage in less than a month can be a major challenge as banks get more stringent with loans in the current economic climate. Is there any hope of an extension?
There’s disagreement over whether extending the costly credit would help or hurt the real estate market further, as Nightly Business Report learned from real estate economists on both sides of the argument.

If you’re still hoping to take advantage of the last-minute credit, here are some tips on how to get through the process, from Nightly Business Report, including clarification around eligibility and tax implications.