Are we first time homebuyers? (insurance, loan, interest rate, credit score)
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Yes, but don't get hung up on the "first time homeowner" label. It isn't really a relevant designation anymore. You could still be eligible for those programs traditionally considered "first time homebuyer", which are basically high LTV loans, like FHA, My Community or Rural Development.
and you maybe required to live in a low-to-moderate income area.
FHA doesnt have an income requirement...only a loan limit requirement.
200k for most areas....362k for large metro areas.
They're planning to raise the limits this year
Quote:
Originally Posted by golfgal
First time homebuyer programs usually have income limits to qualify too--chances are you make too much money as a couple to qualify.
Yes, but don't get hung up on the "first time homeowner" label. It isn't really a relevant designation anymore. You could still be eligible for those programs traditionally considered "first time homebuyer", which are basically high LTV loans, like FHA, My Community or Rural Development.
Yep, FHA and My Community do not have any first time homebuyer requirement. Not sure where that myth came from.
My Community you can not currently own any other home. FHA you can, but need to show that the new one will be a primary residence and that you are moving a certain distance for work or other good reasons.
The advantage of these loans is the lower mortgage insurance rates and the lower down payment requirements at the same credit scores.
Yep, FHA and My Community do not have any first time homebuyer requirement. Not sure where that myth came from.
My Community you can not currently own any other home. FHA you can, but need to show that the new one will be a primary residence and that you are moving a certain distance for work or other good reasons.
The advantage of these loans is the lower mortgage insurance rates and the lower down payment requirements at the same credit scores.
BUT, there are many city, county and state bond programs where you use the above mentioned loan products in conjunction with the "subsidized" interest rate of the bond program and you must be a 1st time homebuyer (not owned a home in the last 3 years).
There are income and purchase price restrictions, but many will qualify.
The myth comes from the fact that probably 90%+ of the people who use those loan products are 1st time homebuyers.
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