The primary objective of the First Time Home Buyer Program is to provide housing inventory on a continuing basis which will be available for purchase by first time home buyers of moderate income.
The Program will be available to anyone who has not owned a home in the last three (3) years and has an annual income that is no greater than 120% of the area median income as published by the U.S. Department of Housing and Urban Development (HUD).
This Program will provide down payment assistance as a second loan to qualified income first time home buyers.The buyers must provide a minimum of three percent (3%) of the purchase price from their own funds and must accept the highest loan-to-value ratio first loan for which they qualify
The first loan must be a fully amortized, fixed rate, thirty year mortgage and the RDA Assistance will be in the form of a loan, repayment of which will be secured by a deed of trust recorded in second position to the first mortgage.
The RDA Assistance is a thirty (30)-year second mortgage loan at five percent (5%) interest. The loan is deferred for the first five (5) years, then fully amortized in years 6-30.
If the borrower transfers title, ceases to occupy the property as his or her principal residence, refinances with cash taken out or otherwise defaults under the loan, the loan becomes due and payable.
For more information please contact me I work with a lender in the area and we host "First Time Buyer Seminars"!
The short answer is 'Yes!' While it's true that a Bankruptcy is not prohibitive of a home purchase, I believe you should maximize your credit score so that you get the best loan pricing and interest rates possible (why pay more if you don't have to?).
If you would like a lender reference to see where you stand as is, I can provide that for you; just let me know.
To learn more about an affordable credit restoration option, visit the site below. Compare the value of the additional benefits you'll receive with this membership with the fees of traditional 'credit restoration experts,' and I think you'll be quite pleased.
Best wishes, and let me know if I can do anything else to help prepare you for your purchase.