Am I no longer considered a first time home buyer? Can I ever be considered a first time home buyer?
Guess Who? asked:
My father lost his job and my mother’s income wasn’t enough to get the house re-financed so I was added to the house (for income purposes) to try and lower the onthly payment. They have since then sold the house however of course all good credit info about the house was reported on my credit report. So now that I wanna purchase my own home… I can’t be considered a first time home buyer, can I? I don’t qualify for a 1st time home buyer loans anymore do I?
Rebecca
My father lost his job and my mother’s income wasn’t enough to get the house re-financed so I was added to the house (for income purposes) to try and lower the onthly payment. They have since then sold the house however of course all good credit info about the house was reported on my credit report. So now that I wanna purchase my own home… I can’t be considered a first time home buyer, can I? I don’t qualify for a 1st time home buyer loans anymore do I?
Rebecca
June 30th, 2009 at 12:42 pm
Doris
I would ask the lender or talk to an independent financial advisor. I recently sold my house and am in the process of buying another. Because I don’t have a chain (I believe this is the reason) and I am with my partner now, we are getting a house as first time buyers.
Talk to your lender. IN terms of your purchasing position, you will be in a stronger situation if you don’t have a chain.
July 1st, 2009 at 10:11 pm
Kenneth
Depends. If you were used as income to refinance the house, were you put on title as well? If you were put on title, you had an ownership interest in the property. However, if your parents sold the house more than three years ago, you’d be considered a first time homebuyer because you haven’t had an ownership interest in any real property for the past three years.
July 4th, 2009 at 10:48 pm
Amanda
Why do you want to be qualified as a first time home buyer? Who told you that the first time home buyer will have better rates? are you trying to go with a Federal loan?
I am a mortgage broker, and usually it’s better to get a loan for a person who already has mortgage history.
July 7th, 2009 at 10:05 am
Cathy
You may be considered a first time home buyer again if you don’t home a home for a period of time. Many states offer first time home buyer programs. Often times, these programs consider a first time buyer someone that hasn’t owned a home in the past three years (or a certain specified timeframe that the state uses as a guideline).
So, it may be worth checking into what grants and assistance are offered in your state. Check out the site below for more details.
Good luck!