Homestead Realty Inc
If that is correct & you plan on buying a house you will not live in & you plan on financing the transaction you will be deemed as an INVESTOR. You will be required to meet investor standards for mortgage down payment, reserves and credit.. (Usually 20% down, 6 months reserves of mortgage payment after closing, a 700 credit score and possibly a history as a landlord)
If you say you are going to live in the property but don't that is deemed as mortgage fraud by the FBI, so I don't recommend do such.
You want to renegotiate your compensation package too include a housing subsidy so you use that money to pay for a place of your own. If this is possible I would look at a duplex at a minimum.
BTW There really is no difference being a first time home buyer or a returning buying. All the standard mortgage programs will be available to you.
Good luck with your endeavors Emh. If you would clarify the question, I could be more precise with my answer. Hope you have a great day!
I certainly think speaking to a mortgage rep can provide better answers to your question either Trulia or you can stop into your local bank and speak to someone there. If you are not occupying the home, most likely you will be considered an investor and mortgage rates will be different. I know my in-laws pay a higher rate because they own a multi family which they rent out but your situation may be different so speak to a mortgage rep.
Good luck and its beneficial to you that you are doing your homework first before jumping in, buying it and then having to deal with issues that you weren't aware of regarding lending.
Gina Chirico, Sales Associate
973-575-6353 ext 17 office
If you are on the deed, you will not be considered a first time buyer. I had a client who co-signed to help his sister purchase a home he never ever lived in, and he was not considered a first timer.