I would consult your tax consultant to learn how you can benefit from becoming a homeowner. I am sure that you are aware that there are benefits of homeownership.
Arise Realty/Ascend Mortgage
Here a a few credit that any buyer can get
1) Realtor credit - your agent agrees to credit you some of his/her compensation for your closing costs
2) Lender credit - the bank/broker doing your mortgage can give you a credit for your closing costs. This credit will be attached to the interest rate you select. Higher the rate, greater the credit.
3) Seller credit - You can have your Realtor draw up the contract where you receive a credit from the seller for closing costs. This is done by increasing the purchase price by say 10k, and then having the seller credit that amount back. Your essentially financing the closing costs this way
4) Tax credit - this not so much a credit as a deduction. You get to deduct the interest on the mortgage. Check with your CPA as to how much this would be.
If your talking about your minimum credit score, then you'll need a mid score of 580.
$$ BUYER COMMISSION REBATE 50-60% / SELLER DISCOUNT 50% $$
See "ACTIVE" listings for sale in real-time from San Francisco to San Jose
Flavio Tejada, Owner/Broker, Realtor, MBA-Finance
Are you asking about a lender credit, tax credit, credit score?
We need a little more information.
Elva A. Wormley
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
Let us know if you're referring to some type of homebuyer credit ($$$) or the minimum credit score required to be eligible for the most common loan programs. I think your question can be interpreted either way.
An individual's credit is determined by their personal credit worthiness that is established by using credit responsibly and paying bills on time, not whether or not you are a "first time home buyer."
Consider contacting a bank or mortgage company to find out about their programs and rates.