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first time home owner
Old 10-22-2007, 12:08 PM   #1
Confused about dryer sheets
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first time home owner

Ive owned a home in the past,and id like to know how long it would take for me to be considered a first time home buyer again,or is that even possible??

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Old 10-22-2007, 12:15 PM   #2
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For what purpose?

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Old 10-22-2007, 12:16 PM   #3
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If you're trying to qualify for some kind of 1st time buyer financing program they usually are upfront with the qualifications. From what I've seen they require no home ownership in the last 5 years. If not, how would anyone know after say 7 years when mortgages would drop off credit reports and tax records would not be expected beyond that time?
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Old 10-22-2007, 12:19 PM   #4
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I don't know about the legalities of it. But, when it comes to the subjective aspects, I would imagine that you are a virgin home-buyer! So be sure to get a good realtor to help you along the way, and then trust yourself more than your realtor or anybody.
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Old 10-22-2007, 12:22 PM   #5
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Originally Posted by brewer12345 View Post
For what purpose?
To feel "shiny and new"?
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Old 10-22-2007, 12:42 PM   #6
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Die and be reincarnated.... Seriously, you think that these special loan programs wouldnt have records of people that have used them in the past....
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Old 10-26-2007, 05:57 PM   #7
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Most of the programs that I have read about state that you must not have owned a home in the past two years. Of course those were for programs in California and also for a VA loan.
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Old 10-27-2007, 10:33 PM   #8
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Ditto the last poster. To qualify for first-time homebuyer programs again it's usually 2 years with no ownership interest in any property. (If it's a divorce situation it's more complicated) You should check with the specific program though. It might vary depending on who is underwriting it.
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Old 10-29-2007, 07:48 PM   #9
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You need to check with the particular program you are interested in to see what thier rules are....if administered by the state, for example it could be 1st time homeowner in that particular state. Property records are public, so it would be easy to audit.
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Old 10-30-2007, 08:41 PM   #10
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For Roth IRAs I believe it is also two years.

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