100floors.com: First Time Home Buyer Loan Pitfalls

First Time Home Buyer Loan PitfallsFor some first time Home buyers, these programs are perfect. They open the door to Home ownership where a family would not have been able to buy a Home. Communities also benefit from first time Home buyer Loans – Homeowners take care of their property, get involved, and contribute to the economy. Nevertheless, first time Home buyer Loans can be the wrong choice in some cases.With a subsidized first time Home buyer Loan, you face some challenges:    * Lower value Home may not be the Home you want    * You might lose some of the benefits of the program if you sell your Home too soon    * You may have to pay recapture tax for some of the benefits you received    * You may be limited to a short list of Loan types (only 30 year fixed rate mortgages for example)    * You may have to share increased Home values with the program