Home Buying in 32209>Question Details

Donetta Perry, Home Buyer in Jacksonville, FL

Me and my hsband have been in our home for 6 years. Can you still qualify for first time buyer program?

Asked by Donetta Perry, Jacksonville, FL Fri Nov 9, 2007

Help the community by answering this question:


Hi Donella:

The following is a quote from HUD (US Housing and Urban Development) established about what constitutes First-Time Homeowners: :

**** QUOTE *****

In order to help lenders properly identify first-time homebuyers, we are clarifying the definition of what constitutes a first-time homebuyer. A first-time homebuyer is an individual who meets any one of the following criteria:

- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers.

- A single parent who has only owned with a former spouse while married.

- An individual who is a displaced homemaker and has only owned with a spouse.

- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.

- An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

**** UNQUOTE ****

So, if you don't fit in any of the above criteria; you are not qualified for the First Time Buyer Program.

3 votes Thank Flag Link Fri Nov 9, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
Hello Donetta,

You received a lot of good information in the answers below. I would think the best thing to do at this time is to speak to a loan officer, they can explain all of your options given your particular situation. I will be happy to refer you to someone that I trust, if you would like. Give me a call at 904.860.8102 to discuss.

Good luck in whatever approach you take:

nancy m bateh, broker-associate
exit southern heritage realty
1 vote Thank Flag Link Fri Oct 3, 2008
Being a Real Estate Agent it wouldn't be wise of me to give you mortgage information, being that it changes week to week. My advise would be to call and talk to a mortgage broker. Their are so many different programs out there right now. I'm sure there is one that would be perfect for you. If you don't know of any I have a great one that works for Gibraltar. Gibraltar is affiliated with Wells Fargo and they have some of the best programs right now. Her name is Cindy Barker and her number is (904) 296-6300. She would be the person that could tell you anything you want to know. Hope this helps and good luck.

Shonda Sauls REALTOR®
Prudential Network Realty
(904) 260-4300 ext 625 (Office)
1 vote Thank Flag Link Mon May 12, 2008
No, as you must have not owned a home in 3 of the last 5 years to qualify for this program. I have to ask you though - What makes the first time homebuyer program so interesting to you?

A lot of these programs come with so much red tape they take forever to close - as well as price and/or area retrictions which may not always be the best loan for you to consider.

Speak with 3 reputable lenders and get their advice, then pick one you think best fits your needs. Another thing to think about is you'll most likely have to sell the house you currently own. Have you spoken to an agent to see what it will sell for and what you will make? With the length of time it is taking to sell a house now - I would advise you to start with selling the one you have, talk to lenders and look at houses. Once you get yours sold you'll have 30 days or more to close on another.

Good luck to you both

I would recommend you talk to an experienced loan officer and get many different idea's on how you could buy another home.
1 vote Thank Flag Link Fri Nov 9, 2007
Hi Donetta. If you are both on title of this home, you will not be able to take advantage of first time home buyer programs as they usually require that you have not owned a home for the past 3 years. I would check with a loan agent who is familiar with all the first time home buyer programs in your area.
Web Reference: http://www.theMLShub.com
1 vote Thank Flag Link Fri Nov 9, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
Hi Donetta

You may qualify for an FHA loan. You do not have to be a first time homebuyer for HUD insured FHA loans. However, you must qualify based on income, assets, credit and job history.

I have been a direct HUD lender since 1992 and would be happy to help you with your financing needs. ! Please feel free to contact me at anytime . Best of Luck!

Jackie Pulcano, SVP
United Mortgage Corp
0 votes Thank Flag Link Wed Oct 1, 2008
Hi Donetta;
The short answer, as you may have surmised from the postings to this point, is no you do not qualify. The question I have at this point is "why do you want to move?" and "why are you asking about the first time buyer programs?"
If you are looking to move but need some help buying your next house in terms of financial assistance, there are still programs that could help. If you need to move for other reasons, it really depends on the big picture and how it can be structured to meet your goals. I'd be happy to discuss with you what your needs are and assist you in finding the best solutions to your current challenges, what ever they may be.
The whole picture has become quite confusing with everything going on, and it really takes a professional to help you with whatever your current situation is. Realtors really do so much more than just "showing houses"; we really are in a position to answer your questions and give you guidance and advice related to the whole buy/sell picture. Whether you are a first time buyer/seller or have general questions about investing, zoning, real estate law or market conditions trust a licensed Realtor to steer you in the right direction and look out for your best interests.
Most people don't realize that the name "Realtor" is a trademarked name and only members of the local and National Association of Realtors may use that term. To be a member we pay yearly dues and must subscribe to a code of ethics that puts the customer's interests in front of our own.
I'd be happy to answer your questions and help you find a solution to whatever current challenges you are facing. Give me a call at 904-859-6941
Web Reference: http://www.ericsellsjax.com
0 votes Thank Flag Link Wed Oct 1, 2008
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