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.
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-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
Francesca Patrizio, Broker Associate, ePro, SRES
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.
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
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
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
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.
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.
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.