am i considered a first-time home buyer?

Asked by Melma, San Diego, CA Thu Jan 29, 2009

i recently got married but my husband already had a property. i would like to buy a property on my own but just in my name. would i still be considered a first-time home buyer? i would like to purchase under the first-time home buyer programs in california.

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MIRIAM QUiNO…, , 92008
Tue Feb 3, 2009
You need to pose this specific question to your lender. Lender requirements are shifting so you want to make sure the program you are talking about willconsider you as a first time buyer. By the way, when
you speak with your lender, and again, because of recent developments in mortgage programs, you want to ask what other mortgage programs are available to you which will be as good or better that first-time
home buyer programs. Right now FHA has great terms for buyers trying to get into home ownership with minimum down payment, but also, there are conventional loans which will finance 97% of the purchase price which are not FHA. Once you are pre approved you can confidently go house hunting. You may contact me for further guidance at (760) 214-1476
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Kimberly Sel…, , Escondido, CA
Sun Feb 1, 2009
Have your questions been answered? Feel free to call or email me. I am always available and can help guide you through the process. It is important that you are protected.
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Dawn Lewis, Agent, San Diego, CA
Sat Jan 31, 2009

Good question. Yes you would be considered a first time home buyer. Good luck and let me know if I can help.

Dawn Lewis
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Penny OBrien, Agent, Las Vegas, NV
Thu Jan 29, 2009
consider this information too: Read below....if you get the loan in your name as the only purchaser you're fine. As long as this is your first place.

First-Time Homebuyer Tax Credit

One of the most exciting new provisions of the Housing and Economic Recovery Act of 2008 is the First-Time

Homebuyer Tax Credit. The credit is designed to encourage first-time homebuyers to go ahead and make the leap to

purchase their first homes. Combine this tax credit with the fact that home prices are at historical lows, and indeed it is

an ideal time for many first-time homebuyers to purchase homes.

Here are some things to keep in mind:

The credit is available for homes purchased between April 9, 2008 and July 1, 2009

The credit amounts to 10% of the purchase price of the home not to exceed $7,500

A first-time homebuyer is defined as someone who has not owned a home in the last three years

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the

full tax credit

The tax credit works like an interest free loan and must be repaid over a 15 year period

How does a tax credit work?

A tax credit is a special provision that reduces income tax liability on a dollar for dollar basis. When filing a tax return, you must include income

items, deduction items and the number of exemptions, among other things, to figure your total tax liability. If your total tax liability ends up being

$7,500, and you qualify for the full $7,500 tax credit, this credit would be applied and would wipe out all of the tax due. If your employer had

already deducted the $7,500 from your pay checks throughout the year, you would receive a tax refund of $7,500.

Does the credit have to be repaid?

Yes, the credit does have to be repaid, so it is really more like an interest free loan. Homebuyers will be required to repay the credit to the

government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a

homebuyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the

credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax

return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was

insufficient profit, then the remaining credit payback would be forgiven.
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Katrina Hami…, Agent, San Diego, CA
Thu Jan 29, 2009

There are several programs offered for First Time Homebuyer Programs, the fact that you have recently married your husbands income will be considered when qualifying you for special loan rates and grants. To find out if you qualify visit

If I can be of assistance or answer questions you have please contact me direclty.

Katrina Hamilton
Direct: 858-405-4407
Web Reference:
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Kimberly Sel…, , Escondido, CA
Thu Jan 29, 2009
Hi Melma! Absolutely! There is so much available out there. It is important that you get in contact with a great lender. They will find programs suitable for you. If you would like one, I have one I have worked with for 10 years. It is a very exciting time to buy. If you can do it, go for it! ;-)
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