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@Peter1142 wrote:
Does anyone know of any good programs that offer no PMI loans for teachers with 5% or less down in NY? I'm not sure whether the person I am asking for would qualify as a first time homebuyer, she is getting divorced and in the process of selling her house, though I think the term has become a little meaningless. I remember seeing such a loan when I was looking myself.
First time homebuyer programs are limited to those that are purchasing for the very first time - OR have not owned anything for 3 or more years. There are some exceptions, here is HUD's definition: http://archives.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm
Generally down payment assistance is available to FTHB's but there are other qualifying criteria too.
Why would she be interested in a FTHB program? Why doesn't she go for a low dp type mortgage that doesn't require the applicant to be a FTHB? There are 3% programs, 3.5%, 5% etc. None of which specify the borrower to be a FTHB.