As I tell all my buyers there are different mortgage programs for everyone. Not every person has the same goals but this program is great for someone who does NOT own any property. You don't have to be a first time home buyer.
Do you know someone who is looking to buy a home that is going to live in the home (this is not for investors). Check out www.naca.com a neighborhood assistance program to help people afford homes.
Now like I said this is not for everyone. You must take some time out of your busy schedule and attend a buyers course. Then meet with a counselor so you can go over your finances so they can tell you how much you can afford. The house must be within a price range for the town you are looking to buy in.
If you live in Massachusetts, please give me a call 617-549-5829 with any questions and I would be happy to sign you up for a course and help find you a home!
As of 11/30/2007 the 30 year fixed rate is (http://www.naca.com/) with no closing costs and no down payment. No points unless you want to pay down the rate. With home prices lower and this great rate for a mortgage, NOW is a great time to buy!