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We have not owned a home for five years. We live in Arizona. If we buy a home in 2016 can we be considered first time home buyer

by travelplans410 from Glendale, Arizona. Feb 10th 2016 Reply


John Moran (TheHomeMortgagePro)
#5 ranked lender in Colorado - 654 contributions

The definition or first time home buyer will vary depending on who you are talking to. Since you are on a mortgage site, I'll assume you are referring to how mortgage companies and loan programs would classify you. Most loan programs and lenders consider borrowers first time home buyers as long as they have not owned a home in the last 3 years. Some down payment assistance programs may have a different definition and the government or other entities may have still a different definition. I'm local here in Scottsdale if you want to discuss this further.

Feb 11th 2016
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Jim Kenny (jim@elconquistadormortgage.com)
#45 ranked lender in Arizona - 5 contributions

Yes

Feb 11th 2016
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Barb Lanis (BarbLanis)
#72 ranked lender in Illinois - 662 contributions

Yes, you would be considered a first time buyer if you have not owned a home within the previous 3 years.

Feb 11th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

Technically, no.. but for most lending purposes, you are considered a first time home buyer if you have not owned a home for more than 3 years.. Some grant programs referr to first time home buyers literally.. if you have ever owned a home, you might not qualify for that specific grant, but most all lending programs use the 3 year rule. I'm local if you need assistance getting pre approved. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 11th 2016
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Justin Murray (JustinMurray)
#103 ranked lender in Illinois - 172 contributions

The industry standard is 3 years across the board, if you are hearing otherwise you have been misinformed. Best of luck and if you need assistance with first time home buyer grant programs, please feel free to contact me as I have a staff of co-workers who specialize in this area. Thank you,Justin MurrayJMurray@WintrustMortgage.com312-256-4065

Feb 11th 2016
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