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Q: What is a first time home buyer? ( No Answer,   3 Comments )
Question  
Subject: What is a first time home buyer?
Category: Family and Home > Home
Asked by: canigetsomehelp-ga
List Price: $2.00
Posted: 12 Mar 2004 16:06 PST
Expires: 11 Apr 2004 17:06 PDT
Question ID: 316145
What is a first time home buyer?  I owned a home last year but sold it
last year.  If I go to buy a home now, am I considered a first time
home buyer or no?
Answer  
There is no answer at this time.

Comments  
Subject: Re: What is a first time home buyer?
From: pinkfreud-ga on 12 Mar 2004 17:14 PST
 
The definition varies, depending upon who is doing the defining.

Here's one definition:

"What exactly is a first time home buyer? According to the
government's definition, a first time home buyer is any purchaser who
has not previously owned a home or an interest in a home anywhere and
whose spouse has not owned a home or an interest in a home anywhere."

http://realtors.mls.ca/london/politics_landtransfer.htm

Here's another:

"A first-time home buyer is defined as someone who has not owned a
home in three years.  Under first-time home buyer programs, single
parents and displaced homemakers automatically are considered
first-time homebuyers."

http://www.dallascityhall.com/dallas/eng/html/home_buyer_assistance_programs.html

And yet another:

"A first-time home buyer is defined not as someone who is buying his
or her first home, but as an individual (and spouse, if any) having no
ownership interest in a principal residence during the two-year period
ending on the date construction begins on a new principal residence,
or a binding contract to buy a home is signed."

http://www.harvard-magazine.com/issues/jf98/ner.html
Subject: Re: What is a first time home buyer?
From: tlspiegel-ga on 12 Mar 2004 17:23 PST
 
As my colleague has pointed out it depends!  Here's more:

http://www.home-equity-loan-information.com/mortgage/first-time-buyer-loan-programs.html

These programs are usually state or community sponsored. What is meant
by the term "first time buyer" can differ between programs but many
use the definition provided by the U.S. Department of Housing and
Urban Development (HUD). That definition describes a person who has
not owned a home before but in some cases they will still fit this
definition as long as they have not owned a home in the previous three
years or so.

It is important to note that in many situations a person who has been
in title to a home in the past can qualify for first time buyer
assistance. These programs usually have a limit on the maximum price
of the home which can be purchased and most of the time it is based on
the limits imposed by governmant backed loans such as FHA an VA. Many
programs also contain a limit on yearly income as determined by
someone?s tax records. This limit will usually vary depending on the
number of people in the household.
Subject: Re: What is a first time home buyer?
From: clyde5-ga on 17 Mar 2004 19:53 PST
 
It looks like you may be in Georgia. As the previous people have said,
contact a local lender. There is a Federal Rural Housing Loan that has
no down payment available in every state but not every area. First
time buyer for this instance can be a buyer who does not own a home at
this time. I do not think it matters when the last time you have owned
a home. They still go on how much you make and how much you pay out
(debt ratio). Good Luck!
I am sure you will do well if you take all advice together

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