FAQ – Who Can Qualify For A First Time Home Buyer Program

Surprisingly enough you don’t need to be a First Time Home Buyer in order to qualify for A First Time Home Buyer Program. The information below is general but should be accurate in 99% of the cases.  The individual program page will tell you if there are different rules that apply for that program.  Here is the scoop.

Fist Time Home Buyers

The Federal government defines a FTHB as any person who has not owned a home in the last three years. Thus if you have not owned a home in the last three years you will most likely qualify for all FTHB programs. How do they determine if you are a FTHB? When applying for a regular home loan you lender asks you for two years taxes. When applying for a FTHB program the lender will require 3 years taxes. If you claimed the Mortgage Interest Deduction in any of the past three years, they know that you have owned a home.

If you sold. or lost your home mid year, you can challenge this finding. For example, you sold or lost your home in August 2000 and it is now August 2003. Technically 3 years have passed but you still will have claimed the Mortgage Intrust Deduction on your 2000 tax return for the interest you paid from January 2000 through August 2000. You challenge the finding saying that if fact it has been three years since you owned a home and we have Title pull the recording on the sale of the home which shows that you sold it on August 13th 2000. Therefore on August 13th 2003 you are approved as a FTHB.

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

Previous Home Owners:   You have not owned a home in 3 years

The Federal Government says that you are a FTHB again. Read and use the information in the tab above.

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

Current Home Owners:   You do or have owned in last 3 years

You are not considered a First Time Home Buyer but may still qualify for programs. Each individual program sets it own guidelines and some have special guidelines in place to allow “Current Home Owners” and even “High Income Earners” to use the programs to buy a new Primary Residence (not an investment property). Use this website to help you find these programs, or call us for help.

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

High Income Earners Programs

You will not qualify under the regular program criteria but may still qualify for programs. Each individual program sets it own guidelines and some have special guidelines in place to allow “Current Home Owners” and even “High Income Earners” to use the programs to buy a new Primary Residence (not an investment property). Use this website to help you find these programs, or call us for help.

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

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Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

 

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