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Can I qualify for first time home buyer if I had a home in another state?

We had moved to Florida a year ago but we still own our house in Illinois (which we are renting out and never got any first time home buyer credits on). by from Melbourne, Florida. Jul 5th 2017 Reply

Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 123 contributions

Yes if you are using the new home as your primary residents. Call Ted Smith at 904-687-4635. He operates my Florida office. Tell him Todd Glassman sent you.

Jul 5th 2017
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,006 contributions

NO. First time home buyer means you have not owned a home ever, OR, you have not owned any home in the past three years.

Jul 6th 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed, specifically,, are you asking about a tax status, or obtaining financing? If it's in regards to taxes.. contact your financial / Tax adviser.. if you are inquiring about mortgage financing, then Absolutely Not.. you own a home, so you cannot claim you're a first time home buyer, when you already own something.. Even if it were paid for, you would still not be considered a FTHB.. As Joe said,,, FTB;s are those who have never owned or who have not owned anything for at least 3 years. Regardless, on the Loan side, the only benefit would be if you wanted to go conventional with 3% down.. this is reserved for FTHB's, which you are not.. otherwise, it's 5% down.. But, most area's have grant programs where they will help with the down payment.. for these programs, each one will have it's own rules and guidelines.. some might require you to be a FTB.. others will not.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jul 7th 2017
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