Pensacola Florida 32514: New lending guidelines target first-time homebuyers
The guidelines should add more low-end buyers and, as a result, more move up buyers by lowering minimum credit scores (620) and forgiving one-time problems. Read more.
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Charles, I think lowering the standards just a little for first time home buyers is ok but they must still qualify with a real job. Here is west Tennessee we have a program called Rural Development which is a 100% loan for lower income people and they can even ask the seller to pay their closing costs so no out of pocket expense. That in itself is a little scary with no "skin" in the game.
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