I inherited a house that is going to be sold..will this disqualify me as first time homeowner

[Anonymous]

Long story short, my mother passed away on Christmas.  She went peacefully in her sleep, so that's bringing me some comfort right now.   Anyway,  I inherited her house..it's not worth all that much since it was a co-op in a 55 and over community. I'm under 55 and it's in a different state, so me moving there is not an option.    The question is, I've been hoping to start the mortgage process in March/April.   I was really hoping to qualify for NC first time homeowner down payment assistance program.   Will me inheriting hers disqualify me now??  The sale of the house will probably net me around $25k, so I could use that as a down payment, but I really really hoping to put that into savings.  Also, I have no idea how long it will take to sell the house, or when it will be ready to go on the market.   I'm probably not thinking straight right now, but I figured it couldn't hurt to ask before I start the process. 

[CreditInspired]

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@Anonymous wrote:

Long story short, my mother passed away on Christmas.  She went peacefully in her sleep, so that's bringing me some comfort right now.   Anyway,  I inherited her house..it's not worth all that much since it was a co-op in a 55 and over community. I'm under 55 and it's in a different state, so me moving there is not an option.    The question is, I've been hoping to start the mortgage process in March/April.   I was really hoping to qualify for NC first time homeowner down payment assistance program.   Will me inheriting hers disqualify me now??  The sale of the house will probably net me around $25k, so I could use that as a down payment, but I really really hoping to put that into savings.  Also, I have no idea how long it will take to sell the house, or when it will be ready to go on the market.   I'm probably not thinking straight right now, but I figured it couldn't hurt to ask before I start the process. 

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Hi and welcome to myIFCO.

My condolences for the loss of your mother.

Just make sure you keep all of the paperwork because you will have to prove where the funds originated from if they're not seasoned when you go to purchase your  home.. I do not believe that this will affect your buying a home as a first-time home buyer, because you did not purchase this home (I'm assuming you're not a co-borrower). You are inheriting it. 

Some of the experts will be along to give your more detailed information and expert advice.

[Anonymous]

Any programs are “first time homeBUYER”.

[webhopper]

I wouldn't think you would be disqualified.  I feel like there aren't many "first time" programs and the ones that are have slightly higher interest rates.  I would advise you to work with a loan officer.   A conventional mortgage rather than a first time "FHA"  may give you the best interest rates and cost much less long term because PMI will eventually fall off whereas MIP gets paid for the entire life of the loan.