Did you know this about First Time Home Buyer Programs?

[Astroslik]

In mortgaging it is not. It’s an option Just like va usda conventional portfolio etc..

I have a conventional loan. I can go get an fha loan right now and rent out my current house. Wether you are a first time home buyer or fifth, you are being reviewed for the same loan and applicable terms. I understand the article you read. I see and hear people refer to fha as a first time homebuyer program. It’s not no matter how many articles you send me. Show me an article from hud website. These first time homebuyer programs are 99% of the time down payment assistant programs accompanied with fha. Guess what you can get those same programs with other loan types. The other 1% are fnma/ Freddie mac/naca and portfolio loans. Again based on the original post of the loan, op is not talking about FHA as FHA doesn’t have a requirement of being a first time homebuyer/not owning a home for 3 years.

I understand that. But it’s a first time home buyer program because its a program first time home buyers can, and usually take advantage of.

We can agree to disagree. Not trying to clutter the thread

 

[Orange cream shake]

I understand that. But it’s a first time home buyer program because its a program first time home buyers can, and usually take advantage of.

We can agree to disagree. Not trying to clutter the thread

By your definition, va, usda, fhlmc, fnma, and portfolio are also first time home buyer programs. When I bought my first home, broker didn’t even show me a cost sheet for FHA. Because I was a well qualified buyer. I was approved for a first time home buyer program through FNMA. That program you can only get if you haven’t owned a home in 3 years unlike fha which is still for everybody and typically people with poor credit. I had to ask for a cost sheet. Back then even with fha having a lower rate, the cost of the loan was much higher especially the upfront cost and the pmi. Most people have FHA loans because of the low down payment and the fact that you can have shyt credit. The sad thing is NACA is a much better option than FHA by a long shot if you are a first time homebuyer. No pmi and reduced closing cost without taking out a second mortgage.

 

[Astroslik]

By your definition, va, usda, fhlmc, fnma, and portfolio are also first time home buyer programs. When I bought my first home, broker didn’t even show me a cost sheet for FHA. Because I was a well qualified buyer. I was approved for a first time home buyer program through FNMA. That program you can only get if you haven’t owned a home in 3 years unlike fha which is still for everybody and typically people with poor credit. I had to ask for a cost sheet. Back then even with fha having a lower rate, the cost of the loan was much higher especially the upfront cost and the pmi. Most people have FHA loans because of the low down payment and the fact that you can have shyt credit. The sad thing is NACA is a much better option than FHA by a long shot if you are a first time homebuyer. No pmi and reduced closing cost without taking out a second mortgage.

Most first time home buyers/people have low credit and startup capital for a sizeable down payment. Most don’t want to put a bunch of liquidity down even if they have it. Thus, they take advantage of the fha loan which is a loan for first time home buyers (doesn’t mean only first time home buyers can use it). The FHA loan was geared and created for first time home buyers.

 

[drederick tatum]

He said first time homebuyer program. fHA is not a first time homebuyer program. There are no income limits for FHA. FHA is designed for people with sub par credit or want a lower down payment and do not qualify for FNMA 97 program/usda/va for various reasons.

shyt must've changed, I got an fha for my first home, and my credit was great, and I qualified for everything everywhere. This was a decade ago though