We are 24 months into the mortgage reformation both by the administration as well as the banking industry itself, so what are we left with? The dust is beginning to settle and we can see a leveling off. Loan programs are changing and some are coming back.

Looking to shore up its weakening finances, the Federal Housing Administration is set to announce stricter standards in hopes to curb a future meltdown of its own. In light of these events, the popular FHA loan will be harder to obtain this summer than in past years. For many of you the clock may be ticking a little faster and your ability to purchase may fade away.

The time to buy now is ringing in the ears of many potential homeowners as well as current homeowners. In most of Texas we are showing appreciation on our homes and the pockets of depreciation are not as hard felt as our neighboring states. Because of this, you can at least sell your home without taking a huge loss or having to do a short sale, although if one is necessary I recommend meeting with a real estate agent immediately.

For many of you out there thinking of waiting until you can get that optimal price for your home, I say, "What are you thinking?" Have you crunched your numbers and done your homework? In today's "buyers market" and very low interest rates you may pay more for your future home by waiting too long in the future to buy.

Without getting too technical, interest rates a year-and-a-half ago were almost 2 percent higher than in today's market, which could adversely raise your payment by hundreds of dollars. Of course it is always important to consult your licensed real estate and mortgage professional to make sure the numbers you are crunching are accurate.

How do you buy a home now that you are off the fence? If you are a U.S. veteran, you could have access to the VA loan or the Texas Vet loan. You are looking at an option of 100 percent financing with no monthly mortgage insurance.

The credit scores vary between investors but the mainstream score is a minimum 620 and the maximum loan amount in most areas is $417,000 and $350,000 for the Tex Vet loan. You may also be eligible for other discounts on your rate and closing costs if you have a certain percentage of disability with the Veterans Administration.

For those of you who do not qualify for the VA or Tex Vet loan don't worry, there is the FHA 203b loan, which for now is only 3.5 percent down. If you are buying a home that needs remodeling at the time of purchase there is the 203k-rehab loan also available through FHA.

Foreclosures are at an all-time high and FHA foreclosures called HUD homes are not exempt from this. The agency HUD, which hopes to relieve more of those homes from their inventory, has a $100 down payment on those homes. These homes range from less than $50,000 and more than $300,000 and are spread all around Bexar County.

Just in case you are still on the fence, the administration has given you an $8,000 incentive if you are a first-time home buyer and a $6,500 incentive for people who already own a home and either want to sell and buy another home or would like to buy a second home. This tax credit is most likely responsible for the increase in housing sales during this usually slow winter season.

Although refinance mania is slowing down, it is not over. For those of you who have not gotten around to refinancing, I suggest you get with it. I cannot tell you just how important it is to get educated on the possibility of saving money on you current mortgage.

If you have tried to refinance and have been rejected by your bank, it is wise to get a second opinion because in many cases people are finding that their current bank may not want them to refinance. They are most likely happy with your higher interest rate and may not qualify you for a refinance when others might.

The administration has continued the Fannie Mae DU Refinance Plus and the Freddie Mac Open program, which allows you to finance in some cases up to 125 percent of your appraised value and does not have a minimum credit score requirement. These loans must be owned by Fannie Mae or Freddie Mac, so check with a mortgage professional to see if you qualify.

If all of this information has left your head spinning or piqued your interest, you can attend free monthly classes on first-time home buying, foreclosure prevention and money management and an array of topics regarding the processes.