Yes FHA may be available to you if you qualify and if the seller is willing to participate, yes the seller must be willing to participate. In addition, you must close by October 1st, 2008, the down payment assistance program is going away.
If you buy, do remember to talk to your tax advisor about the new $7500 tax credit, that was recently passed.
Some 1st time hombe buyer programs also assist with Mortgage Insurance MI. Keep an eye on rates and terms with these programs. Plus, often times you have to take a class, so keep that in your time line also. Do know, that some 1st time home buyer loan programs are also area specific.
Do speak to a lender about your fianancial questions, and do be cautious of 1st time home buyer programs for some have a negative catch to them that may not be in your best interest. This is not to say that some 1st time home buyer programs are helpful, they certainly can be, but hopefully you will have an ethical lender that will share with you some of the down falls. I wanted to get current on some programs and when they were all done lecturing, I had to ask them about one of the downfalls and sure enough it applied, so they were not freely sharing this information even with Realtors (of course some agents already knew of this). Call me if you want more information about this topic, because it has the potential of costing you lots of money. I can also refer you to some ethical lenders in the area to assist you with this.
Hope all of this data helps you and others. Best of luck in your home search and if I can assist, put your running shoes on!
Serving Antelope Valley, Santa Clarita Valley, and Ventura County