Is it true that there is a new law that will give first-time buyers zero downpayment and 0 interest mortgage?

Question

Is it true that there is a new law that will give first-time buyers zero downpayment and 0 interest mortgage?

Answer 1

No but keep pushing for it from the congress, afterall they have such a low approval rating they might just try such a stunt.

Answer 2

Of course not.  Where would the money come from for that sort of plan?  That would cause chaos in the mortgage and home markets.

Answer 3

You have heard misinformation.  There is a 'first time home buyer' tax credit (?) of $7500, but that credit is merely an interest free loan for a specified number of years.  Other financing to be obtained is at conventionally available mortgage rates.

Answer 4

Not even close.  Good luck.

Answer 5

LOL!!

No.

Answer 6

LOL... good one.  Thanks for the chuckle.

Answer 7

NO.  What you may be thinking about is the 7,500 tax credit for first time buyers.