On the horizon is more help for 1st- time home buyers. Last week at the NAR Real Estate Summit, Shaun Donovan the secretary of the U.S. Department of Housing and Urban Development announced that the Federal Housing Administration is planning on allowing home buyers to use the $8,000 tax credit as a down payment.

Basically bridge loans will be created so that buyers can use the tax credit at the closing table as a down payment and then pay back that loan once they get their tax credit. The specifications of this program are still in the works, but the buzz is already growing. 

Read the NAR Press Release: HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit