how do we define 1st time home owner? (loan, rate, loan)

[hueimo]

how do we define 1st time home owner and qualify for 1st mortgage loan (which is a lower rate) in a different state? Like we had a home in Hawaii which is sold and now we’re in Utah, trying to get a home. Will we then be qualified to be a 1st time mortgage loan rate in Utah?

Second, can we get our mortgage loan from a bank in a state other than the state where we’re trying to buy a home? Because I notice that there’s lower rates available in other states…..thanks for helping.

[renriq02]

The general rule of thumb is that you haven't owned a home in the last 3yrs

Originally Posted by hueimo

how do we define 1st time home owner and qualify for 1st mortgage loan (which is a lower rate) in a different state? Like we had a home in Hawaii which is sold and now we’re in Utah, trying to get a home. Will we then be qualified to be a 1st time mortgage loan rate in Utah?

Second, can we get our mortgage loan from a bank in a state other than the state where we’re trying to buy a home? Because I notice that there’s lower rates available in other states…..thanks for helping.

[rcarrillo]

Originally Posted by hueimo

how do we define 1st time home owner and qualify for 1st mortgage loan (which is a lower rate) in a different state? Like we had a home in Hawaii which is sold and now we’re in Utah, trying to get a home. Will we then be qualified to be a 1st time mortgage loan rate in Utah?

Second, can we get our mortgage loan from a bank in a state other than the state where we’re trying to buy a home? Because I notice that there’s lower rates available in other states…..thanks for helping.

You can not have owned a home in the last 3 years to be considerd a FTHB.

Moving to another state does not change anything. You are not a "first time car owner", or a "first time employee" just because you moved to a new state... same goes for home ownership.

You can get a loan from any lender LICENSED to do loans in Utah. Federally Chartered Banks (mostly those large names you know about) can do loans in any state, smaller regional banks and brokers need to obtain individual licenses in most states they want to do buisness in.

Typically even a lender like Bank of America or Wachovia will charge you different rates depending on state or region. Every state/area has their own closing costs and particular risks. So lenders price this into their rates.... although a lender in TX might be quoting a low rate there, even if they can do loans in UT there rates in that state may be different (I always need to look up rates for specific states when I am doing loans there, it can differ).

Where have you heard that a FTHB loan has a lower rate? I hear this every once in a while but I have yet to see a program (FHA, VA, Fannie Mae) that offers a real incentive for being a FTHB. They might "advertise" it to get someone to call, but all these programs offer the same rate as long as the home will be your primary residence.

[TimtheGuy]

FTHB can get a lower rate and often other incentives like down payment/closing cost assistance from local or statewide bond programs. If you qualify to use one of these FTHB programs you will have to use a lender within your state who is signed up for the particular program. The sticking points on these loans are almost always income limits and purchase price limits, but it certainly worth exploring whether you qualify or not.

[HappyTexan]

Yes..you can be a first time homebuyer over and over and over if you follow the rules.