The National Association of Realtors just released its 2009 National Housing Pulse Survey which indicates that saving for down payment and closing costs are currently the biggest obstacles buyers face in obtaining a home. NAR President Charles McMillan states that 82% of house hunters are dealing with this issue but cites the government housing tax credit program as a significant help in providing needed funds for buyers.
Locally, I have known several buyers who have delayed their home search until they had increased their savings. It is clear that banks have tightened their regulations which means that "no money down" is definitely a thing of the past. Banks are often requiring up to 10% deposit money to obtain a mortgage and this can be difficult to achieve for many, especially younger buyers.
If you are beginning a home search and need help, give me a call or email at 508-369-5131 or franklinmahomes@comcast.net.