As you've seen, the government's First Time Homebuyer Tax Credit has expired. But...consider this. If you have a good agent, they could negotiate for you an closing cost credit that will help you purchase a home. In the current lending environment, you can't walk away from a closing with cash in hand, but a closing cost credit can sure help out!
If you'd like to talk more about this, feel free to call me at 847-602-9979.