is the homepath option good for a first timer with only ok credit

Yes but the hard part about home path is finding properties that are approved. You can also look into FHA 203K which you can purchase almost any property and roll funds into the loan to repair it.

it can be. you can finance those properties with fha financing as well. its best to have a summary of benefits put together for both options. fha 203k allows for up to 35k in repairs.

Yes but the issue will be finding a property of your choice in an area you are looking for. 670 fico will still get you an FHA loan assuming you have the minimum requirements. ..

yes you only need 660

It is important to understand what you wish to accomplish in persuing a homepathloan option. I highly recommend you get qualified with a lender and find out what your choices might be. Besides an FHA 203K rehabilitation loan for homes thatmay need renovation, Homepath's renovation or standard loan, there are other first time buyer options you may qualify for with no problem if your mid fico score is 670, or even 640, 620, and sometimes even lower.