Home Buying in Bridgton>Question Details

Becky, Other/Just Looking in Bridgton, ME

what does it take to be a first time home buyer?

Asked by Becky, Bridgton, ME Sun Aug 29, 2010

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For financing purposes to qualify as a first time home buyer for most programs you need to have NOT owned a home for the past 3 years.
0 votes Thank Flag Link Mon Aug 30, 2010
Becky,

It can depend on what program you're going for.

Some have income vs. family member guidelines (Neighborhood Stabilization Programs), low income ratio's, standard/conventional guidelines, etc. Not always the 3 year rule unless your going for tax credits.

My best advice would be to go under "Find a Pro" and discuss your situation with a local Realtor in your area. They would be able to guide you through the exciting adventure of being a first time home buyer!
Web Reference: http://www.weberhomes.info
0 votes Thank Flag Link Sun Aug 29, 2010
The qualification for "first-time home buyer" status, is that you have not owned a home in the past 3 years.
0 votes Thank Flag Link Sun Aug 29, 2010
Dale has pretty much nailed it. The only thing that I would add is that it sometimes takes quite a bit of patience!
0 votes Thank Flag Link Sun Aug 29, 2010
With reasonable credit and a stable income there are many programs available for first-time buyers. Additionally, with current real estate prices and historically low interest rates many first-time buyers that I am working with are getting into homeownership for less per month then what they were once paying in rent.

Good Luck!
0 votes Thank Flag Link Sun Aug 29, 2010
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