Is 2009 any better?

The new year has begun. We have seen the Super Bowl game and given our Valentines their gifts. The government everyday suggests a new program to stimulate the housing industry, FHA is back with a vengence and opening the door to first time homebuyers with amazing incentives including:
The new $8,000 tax credit for first time buyers ( or haven’t owned a home in the last three years ) that someone in essence could buy a home for $228,575 with no money down???

Under FHA terms of financing, a 3.5% down payment is required. 3.5% down on a $228,575 property is $8,000!!

Now, I understand that the down payment has to be given at the time of closing, and under FHA rules, the down payment can be:
• a 100% gift.
• a secured loan
• a loan against a retirement/401k account
• a bonus/commission check
• stock holdings, savings bonds
• a loan from a family member