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Buying in texas

I own my home now and want to buy a second home in texas. Do I qualify as a first time home buyer? Any restrictions if I'm an out of state buyer? by dimensio461 from Beattyville, Kentucky. Aug 25th 2020 Reply

Hello,I order to qualify as a first time buyer you couldn't have had ownership in real estate in the previous 36 months.

Aug 25th 2020
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

So, you own a home already and you want to know if you can be a first-time buyer in another state? NO! FEDERAL rules dictate that owning real estate of any kind anywhere on the planet, excludes you from claiming you are a first-time buyer. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Aug 26th 2020
John Burke (jburke)
#29 ranked lender in Texas - 293 contributions

Hi Dimensio461,No you do not qualify as a first time buyer because you currently own a home.Yes there are a couple of restrictions.1) You'll need 10 to 20% down for a 2nd home.2) You have to qualify for the new mortgage while counting your current mortgage. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Great Plains Bank | | (877)228-9069 | NMLS# 787231 |

Sep 21st 2020
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