do i still qualify as a first time buyer, if my husband has aleady bought a house before we got married and we want to buy one together now?
2006-10-29 20:01:40 · 8 answers · asked by Yetunde I 1 in Business & Finance ➔ Renting & Real Estate
i don't really understand why you are asking this .... purely because (as mortgage adviser myself) it doesnt really make that much of a difference to be honest. if your partner still owns his house then you arent first time buyers. if you both have nothing to sell (no downward chain) then you are.
Mortgage companies are favourable depending on your credit rating, not whether you have done it before. actually the fact that you had a mortgage before may help your case.
Except of he went into arrears or had defaults registered, or CCJ's. But there are many companies out there for adverse credit lending. I have actually found that lenders will offer more money if you have and adverse credit history rather than a clean one. which is ridiculous. but that is life.
hope that was helpful.
2006-10-29 20:18:56 · answer #1 · answered by Emma B 2 · 0⤊ 0⤋
I was nder the impression that "First time buyer" meant, you do not have a house to sell, and do not already own a house. I was seen as a first time buyer after I sold my house (to avoid reposession) and then wanted to get back on the property ladder three years later. It meant I had to find a deposit, mortgage and everything else from scratch not just sell and transfer etc....
So, if your husband owns that house now.... then sadly if you buy together (joint lortgage) you will not be classed as a first time buyer, as one of you owns a house already
2006-10-30 04:13:12 · answer #2 · answered by mittobridges@btinternet.com 4 · 0⤊ 0⤋
Typically, for many "programs" a first-time homebuyer is someone who has not owned a house for 3 or more years. If hub owned one in the last three years you are out of luck.
2006-10-30 08:59:15 · answer #3 · answered by kingstubborn 6 · 0⤊ 0⤋
Yes you do. We had the same scenario. As a pair you are first time buyers.
2006-10-30 04:09:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Probably. Consult a settlement attorney. Your Loan Officer should be able to recommend a good one for your State and County.
2006-10-30 10:22:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
if you have never had a mortgage in your name then you are a first time buyer
2006-10-30 04:16:11 · answer #6 · answered by lou-roll 1 · 0⤊ 0⤋
Yep, your still a first timer. Same thing happened to us too.
2006-10-30 04:11:22 · answer #7 · answered by Thursdays 3 · 0⤊ 0⤋
Not in NSW (Australia) not sure about other places.
2006-10-30 04:14:49 · answer #8 · answered by deedee 2 · 0⤊ 0⤋