First Time Buyer Question

[xiownthisplacex]

I have never had a mortgage, but I have purchased a house before (cash, still own it). Would I qualify as a first time home buyer for a mortgage loan? I am unclear on the first time home buying qualifications, if it means never had a mortgage or never had a house deed.

Thanks in advance!

[H-B]

You can get mortgage on 2nd home. If your question is regarding DPA program. Mostly DPA program has condition of first time home buyer. 

[StartingOver10]

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@xiownthisplacex wrote:

I have never had a mortgage, but I have purchased a house before (cash, still own it). Would I qualify as a first time home buyer for a mortgage loan? I am unclear on the first time home buying qualifications, if it means never had a mortgage or never had a house deed.

Thanks in advance!

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Most of those first time homebuyer down payment assistance programs have asset limitations. The most common one I see is no more than $X where $X varies from county to county.  You can look up the guidelines for the DPA programs in your area but, in general, you are a first time homebuyer if you have not owned a home for at least 3 years. With that qualification alone, you don't qualify as a first time  homebuyer. It has to do with the deed. I am a little bit unsure of how you can own a home without your name on the deed (in your second sentence).

Having said the above, you aren't missing much. IME first time homebuyer programs aren't very beneficial to the buyer/borrower at all. The closing costs are higher (usually) or  the interest rate is higher.  Sometimes both the interest rate and closing costs are higher. Each of these programs are different. There are genereally location restrictions, income restrictions, asset restrictions and the allowed debt ratios are lower. Check into the programs available in your area just so you know. You can actually do better with a standard mortgage than a first time homebuyer type mortgage in many instances. 

[xiownthisplacex]

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@StartingOver10 wrote:

Most of those first time homebuyer down payment assistance programs have asset limitations. The most common one I see is no more than $X where $X varies from county to county.  You can look up the guidelines for the DPA programs in your area but, in general, you are a first time homebuyer if you have not owned a home for at least 3 years. With that qualification alone, you don't qualify as a first time  homebuyer. It has to do with the deed. I am a little bit unsure of how you can own a home without your name on the deed (in your second sentence).

Having said the above, you aren't missing much. IME first time homebuyer programs aren't very beneficial to the buyer/borrower at all. The closing costs are higher (usually) or  the interest rate is higher.  Sometimes both the interest rate and closing costs are higher. Each of these programs are different. There are genereally location restrictions, income restrictions, asset restrictions and the allowed debt ratios are lower. Check into the programs available in your area just so you know. You can actually do better with a standard mortgage than a first time homebuyer type mortgage in many instances. 

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Thanks for the info! We have money saved up for the wedding but don't have enough for a down payment as well, we might have to wait to save up a little more.

[VALoanMaster]

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@xiownthisplacex wrote:

I have never had a mortgage, but I have purchased a house before (cash, still own it). Would I qualify as a first time home buyer for a mortgage loan? I am unclear on the first time home buying qualifications, if it means never had a mortgage or never had a house deed.

Thanks in advance!

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Hi Xiownthisplacex,

If you currently own a home, you are not eligible or considered a first time home buyer.

In a lot of cases the 1st time buyer eligibility is based on one question, have you owned a home in the last 3 years. 

I agree with StartingOver10,  first time homebuyer programs aren't very beneficial to the buyer/borrower.