Confused about First Time Homebuyers

[tiredofdebt1]

Hi everyone....i filed BK Oct. 07 and was discharged Jan. 08. i have never owned a home before and I have been reading through all the posts and decided to sign up for a FTHB Seminar. Because I filed BK..i understand that I am very limited with my buying options...but from reading all the posts....it seems as though I would only ever be able to have an fha loan....i was on a popular builder in my area's site tonight and was reading through their financing options...it didnt say much...but it did say this...

Are there special mortgages for first-time homebuyers?
Ans : Yes. Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or have experienced income irregularities.


Do you think this includes someone that has filed bk? also...would only fha have these type of programs for people with poor credit history...i just dont understand the options that i could or may qualify for.....as a First Time Home Buyer.

[movingon]

There are many programs which can assist the first time homebuyer; except, the BK puts a kabosh on that for 2 years. After two years, there are some options: FHA, VA, USDA, NACA to name a few. In this market, the two years is almost mandatory unless you have an insane down payment.

Take your one year left after discharge to reestablish your credit to a reasonable level, get some reserves saved up, then reevaluate your situation when Jan 2010 comes around. My 2 years comes up in Oct 2009; have to say that I'm kinda glad I'm sitting on the sidelines with home prices still itching to go down and the shaky 2009/10 future. I'm seriously thinking about extending my lease if all the ALT-A loans coming due this year start affecting housing like the subprime did.

Go to creditboards.com and search the mortgage and BK forums; tons of great info there and you learn a ton about your options.

[tiredofdebt1]

thanks moving on...i will check that site out....and will wati until 2010......im almost there...

[tiredofdebt1]

Also...it's hard to save a down payment when you are paying rent and staying on top of the monthly bills....