1. 95 percent LTV is the best most borrowers will get. "Lenders want some skin in the game today," says Greg Kundinger, president of HomeFirst Mortgage in Alexandria, Va.

Although it's still possible to put together a first and a second loan to cover 100 percent of the purchase cost, lenders' guidelines are in a constant state of flux, so a 100-percent deal that would work one week might not be accepted the next week, says Michael D'Alonzo, president of Creative Mortgage Group in Willow Grove, Pa. Thus, if your customers can't risk that kind of uncertainty, they'll have to come up with at least 5 percent down.

2. Tax-law changes make private mortgage insurance more attractive. The federal government has permitted home owners to deduct PMI premiums from their federal income taxes since 2006. That authority was due to expire after just a year but the government last year enacted a three-year extension. That gives a shot in the arm to borrowers who would have trouble putting together the kind of piggyback loan package so popular during the housing boom as a way to avoid the cost of PMI. Now that cost has less of a bite.

3. Piggyback loans are still available, but the choices are limited. Many lenders offering second loans have left that sector and those that remain want to see higher credit scores among applicants.

"If your credit score is below 680 today, you won't be able to get more than 90 percent financing," says Kundinger. And to get even that high LTV, "you pay the price for it" in increased points, he says.

4. FHA is genuinely back. Thanks to internal reforms to speed processing and the collapse of its competition from subprime loan products, FHA saw an almost 60 percent increase in new originations in 2007, NAR data show. You can expect even more business to flow to federally backed loans this year now that the federal government, as part of the economic stimulus package, has increased the program's loan limits to a maximum $729,750 from $362,750. NAR is still crunching the numbers, but you can expect tens of thousands of more home sales per month using FHA financing once HUD formally administers the new limits.

5. Conforming loans are getting bigger, too. The federal government included higher conforming loan limits in the stimulus package, so borrowers will be able to get favorable, non-jumbo rates on financing up to the same $729,750 limit. The actual high-end limit will depend on the market, and HUD will decide that, because the Fannie and Freddie limits will track FHA. Not only will higher conforming loan limits increase homeownership affordability, but they'll open the door for homeowners to refinance their jumbo or piggyback financing into a lower-rate conforming loan.

You can get more information on the impact of the stimulus bill on housing at REALTOR.org.