First Time Buyer or Not??

[Anonymous]

My wife co-signed on a small mortgage with her mother; we are in the process of having everything in her mothers name.  I, on the other hand, have never had a home/mortgage. Do we qualify as first time buyers when we go in together looking to get a mortgage??? If that makes sense to you.... 

[Anonymous]

If a mortgage shows up on her credit in the past 3 year it will not count.

[Anonymous]

Thanks, OneMortgageGuy,

I mean from the zero responses i was getting ; i was like i know i ask stupid question, but you don't unless u ask...

[Anonymous]

Thats what this board is for! I love myfico.com!!!

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Bernard06 wrote:

Thanks, OneMortgageGuy,

I mean from the zero responses i was getting ; i was like i know i ask stupid question, but you don't unless u ask...

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[Anonymous]

not to contradict onemortgageguy - but it also depends on what program (our affordable housing programs may see it as a homeowner situation, not a firsttime buyer) and these programs and requirements vary from state to state.  FHA would consider her a firsttime if she does not have an FHA loan.  Where it may hurt is if your state offers a discount on certain taxes (transfer in our case in MD) - because she owns a home she wouldn't be eligable.  If she is only a co-signer then it might fly.