Despite all the turmoil, home loans are being made. Well established lenders remain strong and continue to finance buyers. Through December 31, 2008, the Federal Housing Administration (FHA) will make loans with as little as 3% down up to a loan amount of $729,750. After the new year, the proposed loan cap will decrease to $625,000. The 3% down payment may be a gift from any family member and it is not limited to first time buyers, nor are there income limitations.

Excellent program for first-time buyers who want immediate reimbursement of some of their closing costs - This is a $7500 tax credit which is repaid in 15 years at a zero interest rate. Buyers in DC using the $5,000 First Time Buyer Credit cannot use this program.

• First Time Homebuyer Tax Credit Information Chart
• First Time Homebuyer Tax Credit Frequently Asked Questions
  

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