One of the things I love most about being a Realtor is working with first time home buyers. I’ve always loved the educational aspect of real estate, and the engagement I get with clients. For me it is fun to outline the process from start to finish, beginning with outlining what buyers should expect from their lender, to the steps they’ll have with me, the collaboration with escrow and title agents, and the most exciting: closing day!
It doesn’t have to be your first time at the rodeo for you to be considered a first time buyer – in fact certain scenarios allow it, and there are benefits, such as payment assistance programs, forgiving debt-to-income ratio allowances and low credit score requirements. Below I’ve outlined criteria:
Individuals With No Primary Residence Ownership In 3 Years
If you have not owned a primary residence for at least 3 years you can qualify as a first time home buyer. You typically must prove you’ve had no ownership in a principal residence during a 3-year period, ending on the third anniversary of the property’s purchase date. A spouse can be considered a first time home buyer if they did not own the property, qualifying both individuals as first-time buyers.
Single Parents
If you bought your first home while you were with your former spouse and are now a single parent, you qualify as a first time home buyer.
Displaced Homemakers
Displaced homemakers are men or women who worked in the home providing unpaid services for their family, foregoing the role of an employed worker for several years. With no employment, these men or women rely on another family member’s income, becoming displaced homemakers when they no longer receive that income. If you’re a displaced homemaker who has only ever owned your first primary home with a spouse, you qualify as a first time home buyer.
Unattached Principal Residences
If you own a mobile home that’s placed on a foundation but not permanently adhered to it in accordance with applicable California regulations, you can qualify to be a first time home buyer again.
Properties That Fail To Meet State/Local Compliance Regulations
Individuals who own a primary residence that does not meet state and local compliance regulations or building codes and cannot be made compliant for less than the cost of constructing a new permanent residence can, you guessed it, become first time home buyers again.
Let’s discover your options – reach out to me and we can have a customized discussion suited to your situation!