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I cosigned with my in-laws on their home purchase, now i want to purchase am I still a first time home buyer? Can I get approved?

by fahadai786273 from Jacksonville, Florida. Apr 20th 2017 Reply


David Ortega (DavidOrtega)
#55 ranked lender in Minnesota - 225 contributions

First time home buyer?: No. Can you get approved?: Yes, provided you are able to document that your in-laws pay that mortgage, you will be able to remove the mortgage payment from your qualifying debt ratio. Contact Danny Otterbacher in our Celebration/Orlando office: 321-236-6022 - dotterbacher@satorimortgage.com

Apr 20th 2017
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

Even though you can not be considered a first time homebuyer because of ownership in the past 3 years you still can have good options with as little as 3% down payment. I concur that you will be able to get the mortgage not counted in your debt to income ratio, providing there are not late payments in the past 12 months. I recommend you get qualified with a Florida licensed mortgage broker if you have not yet. It will get you off to a good start!

Apr 21st 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

You would not be considered a first time home buyer, but you absolutely can purchase.. This is assuming you meet all other eligibility requirements.. The only real difference is that for Fannie/Freddie loan products, if you are a FTB, you only need 3% down.. otherwise, it will be 5%.. All other loan programs do not have a FTB benefit.. 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 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 21st 2017
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

No you are not a first time home buyer because you already bought a home with your in-laws. Qualifying is different. Even though the underwriter will likely include the payment on your in-laws home into your debt ratio, you may still qualify. Don't let the original loan stop you. The only way to know what you qualify for is to apply and let a mortgage professional use your details to guide you . ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Apr 24th 2017
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