Unfortunately, there are some great deal out there. I say unfortunately because if you are getting a fabulous deal it is because you may be benefiting from one's misfortunes. These are hard times not only for those with less than decent home loan programs, but for anyone with any misfortune. The market is not kind and does not care about your troubles. Buyers want value and they will wait around to get it.That is the nature of the beast.
But isn't that the same with every cycle? You get to be able to buy a stock at a great price because someone unloaded it at a loss. So that is the deal and what makes the world go 'round. I say, if you can get a good loan program which is not a certainty, but if you can, you will not regret buying at a low price. Even if prices were to go lower, home prices always come back, unlike a stock which may never return to its highest value.
Lenders have tightened their belt, that is for sure. In fact, too much so. The pendulum always has to swing the other way before it retuns back to center. You may need to put some money down on the house and have good credit scores. Make sure you shop for the best rate. If you are a first time buyer, look into 1st time buyers programs with no PMI if you do not have 20% deposit.
Buy low and sell high is the old adage. Now is the time to do just that.