Zillow Advice: Buying Foreclosures - How to qualify for FHB program, any specific criteria other than never own a home before ?

The criteria varies from ...

Thu, 25 Dec 2008 16:58:00 GMT

The criteria varies from city to city and county to county, as most of that first time home buyers money flows through city programs. In Minneapolis and Saint Paul program users have to attend a two session class on budgeting their money. There is also more paperwork to sign at closing, so I would strongly suggest finding a mortgage person who has experience in these programs. In Minneapolis the program is called City Living. http://www.ci.minneapolis.mn.us/cped/city_living.asp

While you may not live in Minneapolis, this gives you an idea of how similar programs are structured.

The best first time home ...

Thu, 08 Jan 2009 21:35:00 GMT

The best first time home buyer program really is FHA. Although some cities offer FTHB programs, the majority of first timers rely on FHA. The benefit of an FHA loan is that the home must pass a "habitability" test. The appraiser must state there is at least 2 years life left on the roof and there be no active termite infestation. Also, there must be stove in the kitchen and no holes in the ceilings.

If you are looking for info. on a particular city, the best best is to visit that city's website. If you call me I'd be glad to assist you.