Home Buying in Northfield>Question Details

Jason, Home Buyer in Pontiac, IN

my wife and are buying a home together. It will be her second time buying and my first. Can I qualify as a first time home buyer?

Asked by Jason, Pontiac, IN Mon Dec 6, 2010

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Gerard J. Carney’s answer
Yes, you are a first time buyer and if married you can just as easy for te possibility of the sale be Jason, A married man and later change the deed to include both of your names. Your wife in the state of florida would not lose out financially if her name was not on the deed at time of sale a nd recording. Jason So-and-so, a married man would cover her as such, Spouse and also owner of the home!
1 vote Thank Flag Link Mon Dec 6, 2010
Jason...

yes and no... it all depends on what program you are applying for. Any regular FHA, VA, USDA, or conventional loan, it doesn't matter. Overall, I would need to know what program you are trying for in order to answer that question. Each loan program is different. In most cases, first time home buyer doesn't mean as much as one would think.. again, in most cases. If going for a state bond loan program, there are specific guidelines, and it's usually defined by not owning a property for more the 3 years.

If you have any further questions, please don't hesitate to call me.

Sincerely,

Jeff
Area Manager
Cell : 609-440-5133
e-mail - jbelonger@ihmci.com
1 vote Thank Flag Link Mon Dec 6, 2010
Wow, I wish I could add more here . .. . but all great answers.

-if she hasn't owned a home for 3 years, you could qualify
-if you don't need her on the docs, purchase it under your name
-see if you qualify for an 3.5% down FHA first time buyers loan

Good Luck!

Francesca Patrizio, Broker Associate, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931 (Direct/Cell)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Dec 12, 2010
Yes, Jason you would be considered as a first time home buyer, but depending on what type of loan you are seeking there may not be any advantages or disadvantages to the designation.
0 votes Thank Flag Link Fri Dec 10, 2010
Jason,

Congratulations on the purchase of the home. If you require a home inspector after you get out of attorney review please contact me with any questions.

Regards,
John Falco
(201) 500-7460
john@fha-homeinspections.com
http://www.fha-homeinspections.com
0 votes Thank Flag Link Fri Dec 10, 2010
Great question you can if you would be willing to put the loan in your name. That does not mean you can't do a quick claim deed in the future after you purchase the property and put it in both your names. The advantage to using this strategy would be you can only put down 3.5 percent down, have the seller assist you in paying your closing costs and if you have good credit can qualify for a 30 year fixed rate at somewhere in the 4.5 percent range. If you would like to chat some more about this feel free to call or email me to schedule an appointment.
0 votes Thank Flag Link Tue Dec 7, 2010
I know the tax credit EXPIRED. I was using it as an example as I had clients who fell into that trap. And yes, as rude as you sound, asking a loan officer is the way to go, but loan officers and realtors work hand in hand, so insulting realtors, aka, me...is yes, rude..HENCE this reply.

Good luck.
0 votes Thank Flag Link Tue Dec 7, 2010
1st time home buyer tax credit is no longer available that expired.

Contact a mortgage broker who can assist you with loan app have you qualified for purchase.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Dec 7, 2010
Hey Jason,
This can be a tricky situation...as with the tax credit, even if you have never owned a home, but your spouse did, you did not qualify...but if your spouse has not owned a home in the past 3 years, you should be able to qualify for an FHA loan as a first time homebuyer.

Erin E. Reilly
Prudential Fox & Roach/Northfield
609-646-1900 ext. 4490
609-502-4093
erin.blaney@prufoxroach.com
pieces311@hotmail.com
0 votes Thank Flag Link Tue Dec 7, 2010
Jason:

It would depend on how long it has been since your wife last owned a home. Double check with you lender, but I am pretty sure that if you have not owned for 3 years then you can qualify as a first time home buyer. Best
0 votes Thank Flag Link Tue Dec 7, 2010
Jason,

I had a similar situation about a year ago. The hubby was co-signer on his sister's condo..NEVER lived there...but they did not qualify as first time buyers because of this, even if only one of their incomes were used for the applications. Apparently both must be first timers to qualify for that status.

Check with your lender, but I believe tis policy still holds true.
0 votes Thank Flag Link Tue Dec 7, 2010
Jason there are a lot of variables. You need to talk with someone that can ask a few questions. Does she currently own a home. If no0t how long has it been since she owned one? She may be considered a first time buyer. Does she currently own a home and you have filed a joint tax return? Neither of you may be considered as first time buyers. There are exceptions to the rule and variables that vary from area to area.

In my local area there are target and non target areas. In target areas anyone that does not own a home at the closing of their purchase can take advantage of certain first time programs offered by the state. In other words if you sell on wensday and buy on thurday you would qualify in a target area.

Good luck and remember all real estate is local.
0 votes Thank Flag Link Tue Dec 7, 2010
hey Gerald..

need to be careful when answering mortgage questions out of state, for various reasons.. many states are different on several different levels. Even though this was about first time home buyers... it is all about the mortgage program, because Jason and his wife both want to go on the mortgage. This has nothing to do with the deed. Besides, I had a hard time following some of what you were trying to say.

jeff
0 votes Thank Flag Link Mon Dec 6, 2010
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