So, I was curious what would qualify someone as a first time homebuyer under the HUD loans. I was especially interested in finding out if I was still eligible even if my wife bought a property. So I did a little research, and here is what I found on the HUD government website:
One of FHA’s highest priorities is to assist homebuyers with the purchase of their first home.
FHA tracks the number of first-time buyers assisted by our programs. Consequently, it is very important that the information is entered accurately in FHA Connection.
In order to help lenders properly identify first-time homebuyers, we are clarifying the definition of what constitutes a first-time homebuyer. A first-time homebuyer is an individual who meets any of the following criteria:
An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
A single parent who has only owned with a former spouse while married.
An individual who is a displaced homemaker and has only owned with a spouse.
An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
So I hope this helps others in their future endeavors.
-Stephen
So, I was curious what would qualify someone as a first time homebuyer under the HUD loans. I was especially interested in finding out if I was still eligible even if my wife bought a property. So I did a little research, and here is what I found on the HUD government website:
First-Time Homebuyers
Chapter 3
Miscellaneous Policies
Page 3-02
One of FHA’s highest priorities is to assist homebuyers with the purchase of their first home.
FHA tracks the number of first-time buyers assisted by our programs. Consequently, it is very important that the information is entered accurately in FHA Connection.
In order to help lenders properly identify first-time homebuyers, we are clarifying the definition of what constitutes a first-time homebuyer. A first-time homebuyer is an individual who meets any of the following criteria:
An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
A single parent who has only owned with a former spouse while married.
An individual who is a displaced homemaker and has only owned with a spouse.
An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
So I hope this helps others in their future endeavors.
-Stephen