If my first home is a rental property will I be viewed as a 1st time home buyer or investor?

By
Real Estate Agent with Just Jersey Real Estate.com

It does make a big difference if you occupy the home or not. Your mortgage rate and home owners insurance will be different if its strictly an investment property and not a personal residence. If you plan on buying a house you will not live in & you plan on financing the transaction you will be deemed as an INVESTOR. You will be required to meet investor standards for mortgage down payment, reserves and credit. It makes no difference if you are a first time home buyer or not in this case because the programs are the same regardless now that the federal program has ended.

I'd advise you to speak with both a qualified tax preparer and to a qualified mortgage lender before purchasing so you know how this will affect you. Here's a link for some mortgage lenders we recommend http://www.justjerseyrealestate.com/mortgage_Financial.aspx

Best of luck to you!

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