BlaxOps
Pro
Who Qualifies As A First-Time Home Buyer? | How To Qualify
Who qualifies as a first-time home buyer? It's not always straightforward. You might qualify, even if you've previously owned a home.
Did you know this about First Time Home Buyer Programs?
- Thread starter BlaxOps
- Start date
Yes I’m aware. I’ve been in mortgaging for almost a decade. I also work with a lot of those state programs and hud.
You got questions? The average coli poster still don’t qualify cuz y’all 6 figures lol.
You got questions? The average coli poster still don’t qualify cuz y’all 6 figures lol.
BlaxOps
Pro
So if I havent had a mortgage in 3 years (house paid off), I could/would be considered a first time home buyer?
It’s not mortgage. It’s ownership. Meaning you don’t own a property for 3 years.
beenz
Rap Guerilla
What does income have to do with qualifying for fha? Theres an income threshold?
He said first time homebuyer program. fHA is not a first time homebuyer program.
There are no income limits for FHA. FHA is designed for people with sub par credit or want a lower down payment and do not qualify for FNMA 97 program/usda/va for various reasons.uhh what?He said first time homebuyer program. fHA is not a first time homebuyer program.
An FHA loan is essentially a first time homebuyer program.
FHA First-Time Homebuyer Loans: The Pros vs. the Cons
The FHA first-time homebuyer loan program makes life a lot easier if you're just starting out in the homebuying process. Here's a look at how they work.
www.realtor.com
So you really gonna argue with someone who works with HUD on a day to day basis? Call the bank and ask them if FHA is a loan for only first time home buyers.uhh what?
An FHA loan is essentially a first time homebuyer program.
FHA First-Time Homebuyer Loans: The Pros vs. the Cons
The FHA first-time homebuyer loan program makes life a lot easier if you're just starting out in the homebuying process. Here's a look at how they work.
I’m not arguing. Just correcting you since you don’t seem to be well-versed in your own industry. Unlike what you stated, an FHA loan is a type of first time home buyer program as I’ve shown you in the link above. I NEVER once said it was only for first time home buyers. You are moving the goal post and changing the narrative to something I never said. I hope reading comprehension courses are a training requirement in your field. This isn’t even that serious. The need to be right on your end, even after I’ve shown you to be wrong ( and after i literally showed you a source that states fha loans are a type of first time home buyer program) is wild to me.
Income has nothing to do with this particular program in the OP because you can lack ownership for 3 or more years despite having 6 figures (ever lived in NYC or San Francisco?). The fact that I’m explaining this is wild. And I’m just a finance guy on the outside looking in.
Anyways, hope you had a great day at work.
@WIA20XX wild you dapped this lmao. This is wrong on every level.
I have time today. You didnt correct me. Believe it or not, every loan type can be used by a first time home buyers. Your original question was regarding my comment about income. The op question has nothing to do with fha as fha restriction is typically you can keep getting fha loans as long as you have one at a time with some exceptions. It has nothing to do with being a first time home buyer. His comment is more than likely regarding closing cost/ down payment assistance programs which have that first time homeowner restriction and income restriction. You came in here trying to check me and don’t even know what’s going on.
Unlike you, I don’t have time for the is foolishness because I need to go back to job/career that I’m knowledgeable about lol.
1. I’m confused what are you even talking about? You said an fha loan isnt a first time home buyer program and it is. That doesn’t mean its ONLY for first time home buyers. Just take a deep breath, get out of your feelings and READ. I literally proved it with a reputable source. It’s the first paragraph of the article. Why are you so ashamed to be wrong
it’s not THAT serious lmaoo2. You’re changing the narrative again with the bolded, and moving the goalpost and making up a scenario that wasn’t even stated. OP never mentioned closing/down payment costs, and even if he did, you’re still WRONG by saying an FHA loan isnt a first time buyer program, which it is!
I’ll drop the link here again so brehs can actually be informed on this subject.
FHA First-Time Homebuyer Loans: The Pros vs. the Cons
The FHA first-time homebuyer loan program makes life a lot easier if you're just starting out in the homebuying process. Here's a look at how they work.
www.realtor.com
Ya’ll be safe out here
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In mortgaging it is not. It’s an option Just like va usda conventional portfolio etc..man what are you even talking about? You said an fha loan isnt a first time home buyer program and it is. I literally proved it with a reputable source. Why are you so ashamed to be wrong
I have a conventional loan. I can go get an fha loan right now and rent out my current house. Wether you are a first time home buyer or fifth, you are being reviewed for the same loan and applicable terms. I understand the article you read. I see and hear people refer to fha as a first time homebuyer program. It’s not no matter how many articles you send me. Show me an article from hud website. These first time homebuyer programs are 99% of the time down payment assistant programs accompanied with fha. Guess what you can get those same programs with other loan types. The other 1% are fnma/ Freddie mac/naca and portfolio loans. Again based on the original post of the loan, op is not talking about FHA as FHA doesn’t have a requirement of being a first time homebuyer/not owning a home for 3 years.