"Ed Pawlowski" wrote:

It may take him longer than that just to get financing. I've been hearing
horror stories from people with good credit and 50% or more down.

I've not seen any evidence of problems for people with good credit - keeping in
mind that the definition of good has changed by about 75 FICO points over the
past 18 months.

Just walked a relative through her first home purchase. 3.5% down on a FHA
mortgage, 5% rate, new construction. No hangups, exceptions or surprises.

As for the tax credit, was that not for first time buyers?

The original one was. About a month ago Congress extended the expiration date
through next April and added move up buyers who have been in their current house
for 3 years or more.