Are first time buyer loans worth it?

[Administrator]

I’m new to this forum. My husband and I are planning to buy a home this year. We have $25000 for the down payment on a home in the range of $4,00,000-4,50,000. Now what i wish to ask you guys is I've heard of first time buyer loans. Are they really good? And there are programs for down payment as well so if that’s so why would I take $25000 out of my pocket for the money down? Do I need to pay off the down payment assistance and in how many years? I’m in late 20's and my husband in 40's. this is the first time we're buying and believe me I’m a bit sshaky because of so many people I hear these days losing thewir homes just because they got the wrong loan and the lender gave them a high rate. I don't wanna go into all this but it's a bit scary. So I’m here to talk about my options if you guys can give me some advice that works. Our scores are not that good (my middle score is 678, my wife's is 650) but we worked to be in order. We had collections earlier but that was 3 years ago, so I hope it doesn’t affect much. We're are simply middle class people willing to get a home of our home but all this subprime and home price fall scares us for our new future. So pls let us know if it's good for us to buy now and we're in Delaware if that helps you …


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(Source: mortgagefit.com)