home equity loan considered a mortgage for the incentive? (house, buyers, credit)

[deet5]

Is a home equity loan considered a mortgage for the first time home buyers $8,000 incentive? We have owned a home but have not had a mortgage from 2001 until we purchased a new home in april 2009. We did get a equity loan in dec 2006 on our previous home which was paid for. Do we qualify for the incentive?

[Mike1306]

You would have to own a home to get an HELOC so that would cut you out right there.

No, you are not a first time home buyer.

[rubytue]

Doesn't the rule say you can't have owned a house at all in the previous three years? You own a house (now two), ergo no credit. It has nothing to do with if you had a mortgage on a home.

[deet5]

Thanks for the responses. I think I understand.

[Lake Conroe resident]

Originally Posted by deet5

Is a home equity loan considered a mortgage for the first time home buyers $8,000 incentive? Do we qualify for the incentive?

No.