Housing Wire reported this story today.  It’s supposed to be released next week.  It will be interesting to get the details when they come out.

FHA loans are accounting for probably 75% of the transactions these days so this is big news.  FHA bumped up the down payment requirement over the past year from 3% down to 3.5% down.  Now if buyers can front load the $8,000 tax credit, I would think many people are going to be able to buy homes with no money down again.  Haven’t we seen this movie before?

Also, the tax credit will likely be extended in to next year.  I also suspect this will become a permanent benefit and will only grow.  Within 5 years, the tax credit will be up to $12,000 – just my opinion.
Well, I’ll withhold my judgement on this until I see the details next week.