I own my sister's home. My sister lives there and have been paying the mortgage since day one. Can I still be consider a first time home buyer.?

Asked by Jr, 92508 Tue Dec 17, 2013

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Kawain Payne, Agent, Seal Beach, CA
Tue Dec 24, 2013
Sounds like you are a landlord. You own the home and someone else pays the mortgage.

If you buy another home, you will not be a first time buyer.


Kawain Payne, Realtor
0 votes
Kawain Payne, Agent, Seal Beach, CA
Tue Dec 24, 2013
Sounds like you are a landlord. You own the home and someone else pays the mortgage.

If you buy another home, you will not be a first time buyer.


Kawain Payne, Realtor
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Dec 24, 2013
Jr,

Below there are some technical responses that you may or may not wish to test (claiming of interest, etc.). But if I'm asked this question by an authority, I view it simply through the loan application you must complete. In the declarations section, question M, "Have you had an ownership interest in a property in the last three years?" You then have a choice, yes or no. If you are on the title of real property --- any real property --- in my book, that's a "yes." If you want to answer "no" and defend that if questioned, have a very good answer ready to go.

At the end of the day, ask yourself the benefit of being a first-time buyer for the loan type you seek, versus the ramifications for not being truthful on your application. Often the calculation is much easier than you think....

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
, ,
Wed Dec 18, 2013
As long as you have not been writing off interest on your taxes for the past 3 years.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes
, ,
Wed Dec 18, 2013
I own my sister’s home? From day one? Nothing about that sounds right to me… Since she is making payments I assume there is a mortgage that she didn’t qualify for. I hope you financed it as an investment property and not with an owner occupied loan. If not you should be more worried about the Feds reading your post than trying to scam them again. No need to delete the question, they already have a copy.

I disagree with both of the previous answers, NO, you are not a first time home owner; you have title to a home now. Good grief.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
0 votes
, ,
Tue Dec 17, 2013
A first time home buyer will not have claimed any mortgage interest on their tax returns. You will need to provide tax returns for the previous three tax years to demonstrate you have no such claim. If you have been claiming the interest, you will not be considered a first time homebuyer.
0 votes
Steven Rodri…, Agent, Fontana, CA
Tue Dec 17, 2013
Yes you can. Call me 909-821-1855 or email me at email@yourneighborsteve.com
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