How would the first time home buyer program work if I am?
Miss L asked:
…If I am living in one state and plan on purchasing in another. (I live in Florida and I would like to purchase-soon- in North Carolina but I will not be relocating this year so Im still a Fla resident).
…If I am living in one state and plan on purchasing in another. (I live in Florida and I would like to purchase-soon- in North Carolina but I will not be relocating this year so Im still a Fla resident).
Can someone explain the specifics of the first time home buyer program as it relates to a resident in one state purchasing in another? Thanks.
It is an investment property in an area that I know has done well. It’s in a quiet area in driving distance of a business park, mall and university. I didn’t buy the first phase but I would like to buy into the second phase of brand new townhomes. I already know 3 people who built and had renters within the first 2 mos. so Im not worried about the location.
Also, I have been with my job for 2 1/2 years and I have a good financial situation. I’ve never owned a home so I was wondering would this program apply to me (given the fact that I want to buy out of state).
Mario
July 25th, 2009 at 5:52 am
Geraldine
Briefly, you usually need a 2 year job history in the same field, and a decent credit score. It helps to have some money in the bank or retirement accounts, and a down payment of at least 5% is going to help you too. You also need a clean rental history of ontime rent payments.
There are a whole bunch of other factors that go into qualifying for a mortgage.
There are hundreds of different loan programs.
Get your situation as good as possible before you move, but if you are changing careers, you may need to rent for awhile.
July 25th, 2009 at 3:44 pm
Juan
It will not work, the only thing you will get out of it is learning about home buying. To qualify for State aid in getting a house through the First Time Home Buyer Program you need to buy within your State and County. Whatever county you take the 3 day course in is the county that you will be able to get the house in. If you change your mind you will need to wait 3 months and take it in another county. i believe you need to be a resident of that State, so try renting first in the State you want to buy the house in, and then go to one of those programs.
July 26th, 2009 at 3:57 am
Gene
I’m not sure but here’s something else to think about. Usually first time home buyer programs are for 30 years. That’s a long time and a lot of interest. If you buy a reasonably priced home, it may be better to pay it of with a different type of loan in 20 years. I would not buy a home anyplace I had not lived to be sure I was buying in the area I really wanted to live in and that all the amenities I wanted were available nearby. It was also very important to me to be either close to work or close to a highway that could get me moving quickly so I wouldn’t be stuck driving to and from work so much. Heavy traffic can be difficult to judge until you live there and find out where the traffic jams are.