define first time home buyer

piccolobp1 · Joined: 11 Aug 2008 Posts: 1 1.29 Dollars($)

i have owned a home before.bought out by my (x) in a divorce settlement,(17-20 yrs.ago).purchased another,lost in forclosure(13-15 yrs.ago)

adonis · Posted: Mon Aug 11, 2008 9:22 pm Post subject:

Welcome Piccolobp,

Usually a first time buyer is a person who hasn't owned a home of his own in past 3 years. So, when did you last own a home?

Niicss · Posted: Tue Aug 12, 2008 3:45 am Post subject:

Welcome Piccolobp,

I you own a home 13-15 years ago. So you will be considered as a First Time Buyer. Are you going for mortgage loans for first time buyer’s mortgage loan? You can go for FHA loan. You need only 3 percent down payment and this is not a score driven loan program.

Hope it helps. Let me know if you have any further queries.

gmakerley · Posted: Wed Aug 13, 2008 8:14 am Post subject:

as noted, if you haven't owned in the past 3 years, you are considered a first-time homebuyer. in addition to the fha that niicss has mentioned, there are many states that offer bond programs allowing for less then 3% down with favorable interest rates (more favorable than standard conforming or fha).

investigate these with an internet search in your area.

All times are GMT - 7 Hours

Page 1 of 1