Here  are some interesting figures about FHA loan programs in 2008.

FHA received 2,008,157 single-family loan applications. 
That's up 161.2 percent over the 768,770 applications received in fiscal 2007.

More than 90 percent of applications were for existing home purchases or refinances.

977,550 borrowers applied to purchase homes

885,972 borrowers applied to refinance

FHA approved 1,199,624 mortgage applications.
     This number is up 125 percent from fiscal 2007 when the FHA insured 532,337 mortgages.

631,667 loans were made to individuals purchasing homes
     That's up 126.9 percent over the 278,422 purchasers who got loans in fiscal 2007.

Among those financing a new home, 492,295 (77.9%) were first-time buyers.

Here in Minnesota there are some great loan programs for first time and low income buyers. This is a great time for first time buyers, with a $1000 downpayment they can buy a home for about the same money they pay in rent ( a $110000 home with $1156 down and an FHA loan of $705 per month, this is an example). There are several programs here in Minnesota: Minnesota Housing; Home Help; City Living, specifically St. Paul and Minneapolis; FHA, all available for homebuyers with low incomes, less than perfect credit scores and who are first tme buyers.

I'm sorry landlords but this might be the time when a lot of your tenants move on and start to realize the joy of affordable home ownership.

If you are a first time home buyer there are lots of homes available for you to choose from,there are over 125 HUD acquired homes in Minnesota, this is a good time to buy. Low interest rates, low prices.

I see the listings daily and there are some fabulous bargains.