Home Buying in New York>Question Details

Kristen, Home Buyer in Poughkeepsie, NY

Am I a first time buyer?

Asked by Kristen, Poughkeepsie, NY Wed Feb 18, 2009

My husband bought a home before we were married. When he refinanced after we were married, I was added to the deed and loan. I am in the process of buying a house separate from my husband; am I still considered a first time buyer since I did not actually buy the first home?

Help the community by answering this question:


Many banks offer first time home buyer loans to people who have not owned a property within the last several years. Although loan guidelines are constantly changing your best bet is to speak with a mortgage professional. Good luck!
0 votes Thank Flag Link Fri Feb 20, 2009
By signing the mortgage and note with your husband, you lose your first time home buyer status. If you inherit a home, you lose your first time home buyer status.
For you to be considered a first time home buyer, your credit report must clearly show that the mortgage loan that you signed was satisfied (paid off) for more than 36 months. You must also prove that you are not on title for at least 36 months.
Additionally, to qualify for a SONYMA loan, for the last three years your federal tax returns must not show any indications that you owned a property or had a mortgage loan.
0 votes Thank Flag Link Thu Feb 19, 2009
If you're talking about income tax implications, you should speak to your accountant or real estate/tax lawyer. If you were part of the refinancing and have lived in the house you refinanced within the past three years, I doubt you will be considered a first time buyer. If it's for a loan, you may want to speak frankly to the mortgage broker or bank about their requirements. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
0 votes Thank Flag Link Thu Feb 19, 2009
In terms of getting a mortgage its 3 years.

In terms of the tax credit, thats a good question.
0 votes Thank Flag Link Wed Feb 18, 2009
HI Kristen,

More details would be needed to accurately answer. But the funny thing about "first time" homebuyer is that it really has nothing to do with your first time buying a home. For most financing and the homebuyer credit, a first time homebuyer is considered to be someone who hasn't bought in 3 years!!!! I know it sounds crazy, but somehow true. SO if that is the case then yes you would be considered a first time home buyer.

Happy Hunting,
0 votes Thank Flag Link Wed Feb 18, 2009
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