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First time homebuyer and timeshare

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Gale_Shale Guest	Posted: Fri Jul 01, 2011 2:07 am    Post subject: First time homebuyer and timeshare Like 0 Dislike 0 Hello everyone… First of all my heartiest thanks to all of you for such a well maintained forum! My question is regarding a timeshare. Does a timeshare prevent us from being a first time home buyer? Please let me know. Thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Fri Jul 01, 2011 2:29 am    Post subject: Like 0 Dislike 0 Hi Gale, You will be considered a first time home buyer if you did own a property for the last 3 years. If you owned the timeshare for the last 3 years and declared it to be your primary home, then you won't be considered as a first time home buyer. Take care
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Fri Jul 01, 2011 10:38 am    Post subject: Like 0 Dislike 0 Gale, Since the timeshare is an intermittent occupancy property, it is not your primary residence. Therefore if you hold no other real estate, then you would qualify for first time homebuyer programs...Good luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jul 04, 2011 6:24 pm    Post subject: Like 0 Dislike 0 And I'll chime in, agreeing with Chris, that the nature of a timeshare is such that it won't prevent you from being considered a first-time homebuyer. I'm hoping that you're taking advantage of some of the marvelous programs that exist around the country for first-timers; and I wish you well. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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