Home Buying in 20744>Question Details

Curtis Johns…, Home Buyer in Oxon Hill, MD

if you are a home owner, can you quitfy as a 1st time home buyer if you paying cash,

Asked by Curtis Johnson, Oxon Hill, MD Wed Jan 9, 2013

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Hello Curtis. The answer as been stated is no if you are already a home owner in Maryland . The benefits of buying with cash will exceed any other perks you would get if you were in that classification such as: contract preference,less closing cost,no lender fees,lower purchase price etc. Now is also a great time for investing in real estate if you have cash. Let me knowing I can be of some assistance.
0 votes Thank Flag Link Wed Jan 9, 2013
Hi Curtis,

If you can only qualify once, regardless of the type of financing you are doing for a purchase.

however, you may get some discounts for paying cash by potenial seller.

Good luck
0 votes Thank Flag Link Wed Jan 9, 2013
If you are buying in Maryland for the 1st time (cash or finance) you are eligible for a partial waiver of your State transfer taxes.
0 votes Thank Flag Link Wed Jan 9, 2013
Yes, as long as you occupy the property for the purpose of receiving the state recordation tax discount.

Greg Myers
Re/MAX Realty Group
0 votes Thank Flag Link Wed Jan 9, 2013
If you are a current home owner in Maryland, you will not qualify as a first time home owner.
0 votes Thank Flag Link Wed Jan 9, 2013
One if you're already a homeowner you can't be a first time buyer. Secondly qualify for what? If you're paying cash what are you hoping to qualify for? Typically first time buyers qualify for certain loan programs or in some instances various states have programs that are state specific to assist first time buyers. In your case I'm not sure what it is you wish to qualify for.
0 votes Thank Flag Link Wed Jan 9, 2013
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