I’m a First Time Home Buyer Again

Filed under: Borrower Tips

This topic came up a few times this week, so I thought it would address it in my video today: did you know that you can be a first-time homebuyer more than once? It might sound surprising, but it’s actually more common than you think.

First Time Home Buyer… Again

When the loan application is filled out, there is a question on there that everyone needs to answer: have you owned property in the last 3 years? If the answer is no, then you are considered a first-time home buyer.

So, if you owned a property 10 years ago, sold it, and you’ve been renting since then, it means that you would be a first-time home buyer in the loan application process. As long as you have not owned property in the last three years, you fall under this category.

Benefits of Being a First Time Home Buyer

Don’t assume that being a repeat first-time home buyer is a negative thing. In fact, there are several benefits that can make it easier for you to get into a home. For example, there are a handful of programs that can be used to off-set your down payments, help with mortgage insurance, or get you better rates on a loan.

So, if you’ve owned a home in the past and you are looking to buy again, it means that you might actually qualify as a first-time homeowner for the second (or third!) time. I’d love to help you take advantage of the cool benefits that are available for first-time home buyers.

One side note: I often hear people who believe that FHA loans are only for first-time home buyers. That’s just not true. FHA loans can be used for everybody. But, you can only have 1 FHA loan at a time, which is why it is often confused as a loan option for first-time buyers.

When it is time to buy a home, you always have options! Reach out to me any time if you have questions about the loan programs that are available for your home purchase. I’m here to help!

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