My son has recently divorced and finds himself starting again at the bottom of the ladder. His ex wife has ownership of the family home and he needs a small starter like property.
2006-11-08 04:46:44 · 15 answers · asked by betty 1 in Business & Finance ➔ Renting & Real Estate
Yes he can, provided he does not have any commitments under any other mortgage or secured loan.
Even if he had a previous mortgage, provided he no longer has one, then he will be considered as a first time buyer.
No comments about the divorce - I see she got the house. I know that feeling only too well........
Wish him luck and I hope he makes a better choice next time.
2006-11-08 04:52:10 · answer #1 · answered by superman in disguise 4 · 0⤊ 0⤋
No, the main interest in where someone or not is a first time buyer is that first time buyers have never had this kind of financial commitment, so need the case checking bit more carefully, ie may need extra proof of income etc. Whereas a next time buyer has had a mortgage so should really be fully aware of what they are getting themselves into, so to speak.
2006-11-08 19:49:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Typically, the person's name can not be on a deed for a home for at least 3 years to possibly qualify as a first time home buyer. For some, he will never qualify.
2006-11-08 05:48:23 · answer #3 · answered by kingstubborn 6 · 0⤊ 0⤋
He might be considered a first time buyer if he hasn't owned for more than 3 yrs. Or was never titled to the property with xwife.
2006-11-08 05:11:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
He would be considered a first time buyer by HUD, FHA, and most other governmental housing assistance programs if he has not owned or co-owned property during the last three years.
2006-11-08 05:54:25 · answer #5 · answered by PLS 2 · 0⤊ 0⤋
if he bought the property with his ex wife and he used his bank account to buy the house he would not be considered as a first time buyer
if his ex wife bought the house before he came along he would be considered as a first time buyer
2006-11-08 04:51:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
A first time buyer is someone who has never owned a property, either in their sole name or in a joint name. If you have owned with someone before you are not technically a first time buyer.
2006-11-09 00:29:26 · answer #7 · answered by Helen C 4 · 0⤊ 0⤋
the time-physique isn't what concerns, its the form you experience. I somewhat have seen destroy united stateswhere the two people have been devasted and misplaced without one yet another and wouldnt think of of relationship for a 300 and sixty 5 days after! and that i've got seen 2 people destroy up and already be over one yet another and leap precise right into a clean dating, very definitely. So its all as much as you and your emotions. additionally- solutions like the only 'serene e' gave make me desire to SCREAM! So, b/c there is young infants, people ought to stay in misery and melancholy for the infants sake!?!?! you dont think of they see/experience that?!?! Divorce is the proper answer each and every so often!
2016-12-28 16:07:45 · answer #8 · answered by ? 3 · 0⤊ 0⤋
I'm not quite sure, but I would guess that a first time buyer is classed as one who doesn't have a house. The fact that he has owned one before, shouldn't matter?
2006-11-08 04:50:08 · answer #9 · answered by Bea 2 · 0⤊ 0⤋
Yes if you haven't got a property to sell and you are buying your home to live in (rather than to rent it out) then you ARE a first time buyer.
2006-11-08 04:51:21 · answer #10 · answered by Anonymous · 0⤊ 0⤋