Your First-Time Homebuyer Questions Answered
Mike Chissell • February 9, 2023
Becoming a recognized first-time homebuyer can be murky due to confusion surrounding the definition. We are here to answer some of your questions and clear up the definition of a first-time homebuyer.
There is a difference between being considered a first-time homebuyer based on a 3-year period and a 36-month period. As an example, if your previous home ownership ended in May of 2020, using the 3-year rule, you would become eligible to purchase another home in January 2024. In reality, if the more accurate 36-month rule is applied, your eligibility would be in May 2023. As you can see, this could cause a borrower to wait up to a year longer to be qualified as a first time home buyer.
But what if your circumstances are uncommon and you're unsure if you meet the criteria as a first-time homebuyer? Don't worry, we've detailed some scenarios and how they impact your eligibility as a first-time homebuyer.
If you are buying a home with your spouse, but neither of you have owned a home in the last 36 months, then you are considered first-time homebuyers.
If you are a divorced parent and owned a home with your previous spouse, you now qualify as a first-time home buyer. This is because you are now buying a primary home as a single parent.
If you owned a home with your former spouse and were married, but now you are divorced and going back into the workforce to work to support this new property, you qualify as a first-time homebuyer. This is because you are a displaced homeowner, and you are buying your own property after the divorce.
If you're considering becoming a first-time homebuyer or want help determining if you are a first-time homebuyer, we can help. Contact us today by calling the office at 727-376-6900 or visit our website at https://www.chissellmg.com/the-mortgage-process to learn more about the mortgage process.
In conclusion, it’s essential to understand the specific guidelines and definitions for first-time homebuyers, especially in unique situations. If you want to start your home buying journey, give us a call at 727-376-6900. You can also go to our website at
https://www.chissellmg.com/the-mortgage-process to learn about the mortgage process.
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