If I were a first time buyer, I'm not, by a long shot, but if I were, how would my lender handle the fact that my Uncle Sam BHO is going to give me $8000 as soon as I buy my first home. OK, so it's not exactly right away, but as soon as I can file my taxes and get my return I am going to have a nice handful of cash.
Does a lender consider that when I ask for a pre-approval? If I have not been able to scrape together enough money for a downpayment, why would the lender think I am going to be able to afford to make payments on a home?
Isn't this just setting me up to get into a bind like my friends who did 100% financing two years ago? If I can't manage my money to put aside a down payment, then how will I set up an emergency fund so that I don't have to default on my loan as soon as I have a medical emergenty that is not fully covered by insurance, or wreck my car and need to buy another one to be able to keep going to work?