You do not have to be a lst time buyer but you have to stay in the home
for I believe it is 4 years to not pay it back. Interest rate is 3 l/4% ...
So, you buy a 3 bedroom home for $100,000 and your payment would be
between $700-800 a mth principle, interest, and taxes included.
Most people for a home are paying over $1,000 a mth for rent.
You may be renting for much more than that now yes? There
may be other programs in New Haven that are just as good..
The current philosophy in Washington is that they want to open the flood gates for huge wholesale investors who are willing and able to buy hundreds of homes at a single outing. The idea is that investors are in a better position to get the foreclosure inventory cleared out, renovated and back in the market (either as resale or rental property).
In short, anyone who is waiting for a tax credit to purchase a home would be missing a great opportunity in today's market. And, in my humble opinion, would be more likely to win the lottery. Best of luck to you!