Certain scenarios allow an individual to become a first time home buyer all over again, and who wouldn't want to be? Between the payment assistance programs, low credit score requirements and forgiving debt to income ratio allowances, being a first time home buyer definitely comes with its fair share of perks.
Now, you might be wondering: "can I be a first time home buyer again?"
The answer? Maybe.
Can I Be a First Time Home Buyer Again?
In order to help home buyers (and lenders) answer the question: "Can I be a first time home buyer again?" the U.S. Department of Housing and Urban Development issued the following definitions for what constitutes a first time home buyer. If individuals meet any one of the five criteria below, they are considered first-time buyers. They can reap all of the benefits that come along with the title when purchasing a primary residence.
Individuals With No Primary Residence Ownership In 3 Years
If you have not owned a primary residence for at least three years, you can qualify as a first time home buyer. Typically, the individual must prove they've had no ownership in a principal residence during a three-year period, ending on the third anniversary of the property's purchase date. A spouse can be considered a first time home buyer if they did not own the property, qualifying both individuals as first-time buyers.
If you bought your first home while you were with your former spouse and are now a single parent, you qualify as a first time home buyer.
Displaced homemakers are men or women who worked in the home providing unpaid services for their family, foregoing the role of an employed worker for several years. With no employment, these men or women rely on another family member's income, becoming displaced homemakers when they no longer receive that income. If you're a displaced homemaker who has only ever owned your first primary home with a spouse, you qualify as a first time home buyer.
Principal Residences Not Permanently Attached to a Foundation
For instance, if you own a mobile home that's placed on a foundation but not permanently adhered to it in accordance with applicable regulations, you can qualify to be a first time home buyer again.
Properties That Fail To Meet State/Local Compliance Regulations
Individuals who own a primary residence that does not meet state and local compliance regulations or building codes and cannot be made compliant for less than the cost of constructing a new permanent residence can, you guessed it, become first time home buyers again.
Buying Your First Home, Again
Will you be buying a home as a seasoned first time home buyer again? This time around, be sure to do it right and work with Wyndham Capital, an easy mortgage company that lets you get a home loan pre-approval online with the digital tools you need to make obtaining a first time home buyer mortgage a walk in the park.
We've got the answers to your questions, from "can I be a first time home buyer again?" to "what first time home buyer programs do I qualify for?" and everything in between.
Our digital advantage means you'll get more done quickly and efficiently, putting you on the track to buying your first home (again) with more buying power and less hassle than ever before. With our free mortgage calculator with taxes, HOA fees, below-market interest rates and low closing costs, you'll be on your way to a home loan you can hang your hat on. Speak with one of our mortgage loan officers today to find out more about what Wyndham Capital Mortgage can do for you.