Here's a link to the IRS website which can answer most of your questions.  Since everyone's tax situation is unique, I recommend that you consult your tax professional for the most accurate advice as it pertains to you.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

Fannie Mae is now offering a 3.5% incentive * for buyers who purchase and close on a Fannie Mae-owned home between

January 28 and April 30, 2010.  Buyers purchasing properties listed on this site that are closed within this period may

receive up to 3.5% of the final sales price for:

http://www.homepath.com/state/nv.html   

• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010;
• Property sales must close before May 1, 2010;
• Buyers must be owner-occupants, investors are excluded.

This is the actual announcement from Washington. The significant changes are:

- Interested party contributions go to 3% from 6% (won't cover many of the Buyers costs now). To go into effect "early this summer".

- FHA will now actually have a FICO score requirement of 580. To date there are no FICO score requirements, just Lender overlay's for FICO score. This will go into effect "later this summer".

- An increase of the UFMIP "sometime in the Spring of this year".

Click HERE to read the full press release.  If you have any questions or would like more information for yourself or someone you know to take advantage of the very favorable terms still offered for FHA financing please feel free to call or e-mail me anytime.