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Can you get a first time buyers loan if...

your husband has a felony ? He has not been convicted yet but more then likely they will grant him a judicial diversion but will still have the felony....we are just starting out and he made a stupid mistake. He is the only one who works and we were going to try to get a first time buyers loan for a small beginner house. Can we still get it if he gets charged?How does the whole first time buyers loan work?Thanks(:

Answer Question

Asked by Anonymous at 1:44 PM on Jan. 12, 2010 in Money & Work

Answers (4)
  • I dont recall being asked about criminal history when we went for a loan.

    Answer by Anonymous at 1:46 PM on Jan. 12, 2010

  • I think you better rent for now until things clear up. Ask a loan officer that question.

    Answer by Anonymous at 1:50 PM on Jan. 12, 2010

  • My 21 year old son just bought a house and I went through the process with him including going to homebuyer classes to get downpayment assistance. As far as I know there is no such thing as a "first time buyers loan". I think each lender would make their own rules. You can check the IRS website to see if you would be able to get the $8000 first time homebuyer's tax credit. I don't remember there being any rules saying that you couldn't be a felon.

    If you do decide to buy a house check in your community for downpayment assistance programs. My son only had to pay $1000 down for his house and the program paid $4000, closing costs, and all those other costs like title and pesky other things. It's a good time to buy!

    Answer by Gailll at 1:53 PM on Jan. 12, 2010

  • Gaillll cut the cord your poor kids.

    Answer by Anonymous at 1:57 PM on Jan. 12, 2010

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