Questions & AnswersVirginiaFairfaxFirst Time Home BuyerQuestion

Can I be considred a first time homebuyer? I currently own a home that I purchased 8 years ago. I want to purchase a second home as primary residence.

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answer by Patrick Riddlemoser   |   Visit My Website   |   Contact Me
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I believe the test is not ownership but have paid on a mortgage in the past 3 years. So if you paid off a house in 2009 for instance, you could get financing as a first time buyer. You should speak to your lender and have them check with underwriting.
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answer by Cathy Baumbusch   |   Visit My Website   |   Contact Me
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Unfortunately, no, you would not be considered a first-time homebuyer. Your lender can help you decide which loan program will be best for you.
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answer by Cathy Baumbusch   |   Visit My Website   |   Contact Me
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Hi, unfortunately, you cannot be a first-time homebuyer in this situation.
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Nicole Smith
answer by Nicole M. Smith (#819631)   |   Visit My Website   |   Contact Me
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By definition usually a first time homebuyer is someone who has NOT owned a home for the past 3 years. Since you currently own a home you would not be considered a first time homebuyer.
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answer by Janet Scaffido   |   Visit My Website   |   Contact Me
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No, I am sorry, you can not be considered a first time homebuyer, as you already own a home.
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answer by Robyn Burdett   |   Visit My Website   |   Contact Me
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Being a first time home buyer does not provide the benefits that were available several years ago. Making a home your primary home is not an issue as long as you can afford to carry both mortgages. If you need names of some good lenders, let me know. That would be your first step in this process.
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answer by Kathy Sparks   |   Visit My Website   |   Contact Me
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You can purchase a 2nd home and use it as your primary residence. You are not a first time buyer since you currently own a property. But are you referring to "first time buyer" in regards to a specific loan program? I'll be glad to discuss options with you.
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answer by David Aronheim   |   Contact Me
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Doubtful, but there aren't many advantages these days for first time home buyers. Why is that important to you?
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answer by Cindy Smith   |   Visit My Website   |   Contact Me
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No you arent a first time homeowner if you currently live in a home you purchased. You can purchase another home and make it your primary residence though. You will need to speak to a lender about your income to debt ratio but they should let you claim the new home as your primary residence.
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