Let's get this out there; WHO is a first time homebuyer?

By
Mortgage and Lending with Fairway Independent Mortgage Company 385907

do you know the answer?

when the question is asked, at first you stop and wonder is this a trick question?

 

at least that's what I would do.

 

Okay so let's try the obvious

someone who has not previously owned a home?

yes, that is correct

 

anyone else?

 

just like in many industries, out there in mortgage land we often have our own terms & definitions.

So, we need to include, in the first time home buyer category

 

someone who has not owned a home for the previous 3 years

 

I'm kidding, right?

No. I'm not.

In most cases, those who have not owned a home for the previous 3 years also qualify for first time home buyer programs. So here's my mortgage definition of a first time home buyer.

 

a first time home buyer is someone who has not previously owned a home, or has not owned a home in the previous 3 years.

how's that?

 

ps: some first time home buyer programs often have an exemption for Veterans, that being that not only do they not have to be true first time home owners, they also may have owned a home in the previous 3 years.

 

 

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Topic:
Mortgage / Finance
Location:
Florida St Lucie County
Tags:
martin county
indian river county
first time homebuyers
st lucie county

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