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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? |
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There is no answer at this time. |
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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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