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Do I qualify as a first time buyer?

Would I qualify as first time home buyer if only my wife is the only one on the loan of our current home? Can we buy a second home basically with only me qualifying as a first time buyer? by khris219 from Jacksonville, Georgia. Aug 21st 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

One of the biggest Myths in Home financing is the concept of a First-time borrower having some special program just because they haven't bought a home before. Doesn't exist. So, let's see if we can figure out what it is you are trying to do. If you want to purchase a new (new to you) home, while hanging on to the existing home, the question that must be asked is what are the plans for the existing home? An individual (or a married couple) can only have ONE primary residence. So, are you planning to move into the new home as a primary residence and then keep the current home as a rental? You can do that as long as you are not on the loan or the title to the existing home and you would qualify for the new loan based on your income and credit. Now, if the plan was to buy the new home and not plan to move into it, then you would have to tell the lender that is your plan. You cannot get a loan for the purchase of a primary residence and then not move into it. That would be fraud. Depending on your plans, it is possible to accomplish what you are trying to do. I am licensed in Georgia. If you would like to talk, give me a call. ~ 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 23rd 2020
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