Are You a First-Time Home Buyer?
Hello, some people wrongly believe that a first time home buyer is only someone that has never purchase a home before. However, that is only a part of it. If you are getting ready to purchase your new home and would like to know if you qualify as a first time home buyer, the U.S Department of Housing and Urban Development (HUD), describes a first-time home buyer as someone who meets any of the following conditions:
An individual purchasing their very first primary residence.
An individual that have not owned a primary residence for three years.
If you have owned a home but your spouse has not, you can buy a home together as first-time home buyers.
If you owned a home with your former spouse while married and is now a single parent.
A displaced homemaker who has only owned a home with a spouse.
An individual who has only owned a principal residence not permanently affixed to a permanent foundation. For example, a mobile home.
If you owned a property that was (a) not in compliance, or (b) failed to met state and local building codes, (c) that cannot be brought into compliance for less than the cost of constructing a permanent structure, you can purchase a home as a first time home buyer.
As you can see, the broad definition of a first time home buyer, makes it easy to tell if you qualify as one. So, if you are thinking of buying your first home and meet the qualification as a first-time home buyer, you may also be able to enjoy benefits that include, but not limited to various down payments and closing cost assistance programs that are available for first-time buyer. Call us today, we can help.
As always, thank you so much for stopping by. Remember, if you or someone you know is thinking of purchasing a first home, please give us a call or Email us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...
