Story of the Year so far...

Not a shock to anyone watching but the story of the year so far in real estate is not the "soft landing" or "bubble pop" (depending on who you ask) of the Real Estate Market but rather the stunning collapse of the Sub Prime Lending Market.

This will have huge implications for years to come and will definitely come home to roost with fewer sales. It's simple, if people with less than stellar credit are unable to qualify for loans than there will be fewer buyers in the mix.

Not good. Not good at all.

My Hope is that the FHA program will re-emerge as a real player for First Time Buyers and others who don't qualify for A+ programs.

A few years ago FHA were very popular and now I seldom see them. Here's some info on the program:

Let FHA Loans Help You

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

• Low down payments
• Low closing costs
• Easy credit qualifying

What does FHA have for you?

Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.

Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.

Ask an FHA lender to tell you more about FHA loan products.
Find an FHA lender

Need advice? Contact a HUD-approved housing counselor or call
(800) 569-4287.

Need help with your down payment? State and local governments offer programs that can help. Find a program near you.