Bene's to 1st time homeowners (foreclosures, credit rating, loans)

[sligogirl]

Hubby's co-worker got his pinnings in a twist over this statement...

Co-worker stated there are loans for 1st time home buyer's that require only a 500 point credit rating, and paid closing costs. Worker also stated that a benefit of over $7000, would be paid as well.

Like most homeowner's we never paid a late mortgage, dealt with rising property taxes, and never received a bene package because we were newbie
homeowner's.

Does this program sound like more future 1st timer bail-outs?

[monack]

There is a $7500 no interest loan that is being provided for first time homebuyers. Your hubby's co-worker might be referring to FHA, which is not credit score based, though many lenders require a minimum 580 score. there are also other qualifications including no lates for a certain amount of time, and no foreclosures or bankrupcies in I think it's 3 or 4 years.

[joe moving]

NJ had some ~5.0% loan (it's not 5.85 I think) for first time home buyers, but we would not qualify for it with my wife working - we made too much money, and we were worried we would not qualify financially if she wasn't working... some system...