Posted on: 30th Jul, 2010 08:40 pm
If I am on a deed only....................not ever on a mortgage nor the mortgage be on my credit report am i considered a first time home buyer or not? I keep getting conflicting answers................I did deed myslef back off and was told to wait 6 months and apply for a fha loan why is that, was told I was on public record with the deed on my name, why does that matter if i am not nor never was on the mortgage note?
Hi klowe,
As your name is mentioned on the property deed, you would be considered as an owner of the property. In that case, though your name is not on the mortgage docs, yet you won't be considered as a first time home buyer.
As your name is mentioned on the property deed, you would be considered as an owner of the property. In that case, though your name is not on the mortgage docs, yet you won't be considered as a first time home buyer.
Hi,
If you name is not on any mortgage in paste three year, Then you will be considered as a First Time Home Buyer. Your name mentioned on another property doesn't matters here.
Thanks & Regards.
Gunz.ijjistaff :roll: :roll: :roll:
If you name is not on any mortgage in paste three year, Then you will be considered as a First Time Home Buyer. Your name mentioned on another property doesn't matters here.
Thanks & Regards.
Gunz.ijjistaff :roll: :roll: :roll:
My wife is only on the title and not the loan and the bank has sad she is not responsible for the loan. The home is being foreclosed and they have removed all negative credit from it on her credit report. Would she be considered a first time home buyer?
Hi mark,
Your wife will be considered a first time buyer by the lender only if she hasn't owned any property for the past 3 years.
Your wife will be considered a first time buyer by the lender only if she hasn't owned any property for the past 3 years.