Home Buying in Tallahassee>Question Details

Confused, Home Buyer in Tallahassee, FL

Mortgage is in my name - deed in mine and my husband's. Will my husband qualify as a first time home buyer since he's never been on a?

Asked by Confused, Tallahassee, FL Mon Mar 12, 2012

mortgage?

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7
Good morning confused,

I have to agree with most of the mortgage lenders answer.

Your husband is no longer considered a first time home buyer since he is on the Deed (Title) on the property and owns with you that piece of property together. The mortgage in this case will not be considered since this mortgage only regulates who pays for the debt.

Annett T. Block
850-364-3946
http://www.FloridaConnectsInc.com
1 vote Thank Flag Link Mon Mar 12, 2012
Not until he has been off the title for at least three years in most definitions of “first-time” home buyer.
1 vote Thank Flag Link Mon Mar 12, 2012
No... time to choose a different way to go.
0 votes Thank Flag Link Mon Apr 2, 2012
Thanks John, ^5. Good point you made too!
0 votes Thank Flag Link Thu Mar 15, 2012
Hi Confused,

James was right on with his response so I'll just add this. It's not going to matter in most cases unless you need some type of down payment assistance (DPA) from the state/county/city.

None of the available mortgage programs (FHA,VA,USDA,Conventional) require that you're a first time buyer to qualify but some of the DPA programs do.
0 votes Thank Flag Link Mon Mar 12, 2012
Hi Confused, I have to respectfully disagree with Scott. Since your husband is on the deed or title of the home, he is, in fact, considered an owner in most lender's eyes. No home ownership in the last 3 years or more to qualify for most first time homebuyer programs.
I do not pretend to know all lender's definitions, however...just the one's I work with and the FHLB, FHA, Fannie and Freddie definitions.
Best wishes, Jim
0 votes Thank Flag Link Mon Mar 12, 2012
He certainly should if his name is not on the mortgage it would not show up on his credit report,. The only person that can say however is the only person whose answer matters and that is a local and trusted loan officer who can prequailify your husband at no cost and let you know what programs are available given his credit and financials.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Mar 12, 2012
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