I helped someone refinance, do I still qualify for a first time home loan?

Question

I helped my parents refinance their home a few years ago, and now I want to buy my own place. Will I still qualify for a first time home loan?

Answer 1

You can still qualify to buy your first home. Actually, if your parents were consistent with there mortgage payments you can even get something better than what first time buyers get on conventional loans.

There are three types of programs for first time buyers:

1. Down payment assistance programs form your local governments and charities. These are typically for low-income people or neighborhoods and can only go up to certain amounts

2. Government sponsored loan from lenders. These are FHA type loans that can be used along with down payment assistance loans. Again, these are limited in theire scope.

3. Conventional first time buyer loans. These are usually more flexible than government programs. they can go to 100% up to $1.1Million without having to qualify for any assistance. Not all lenders do these loans and they usually come with lower rates.

You, on the other hand, can qualify for loans that you normally wouldn't be able to because technically you are not a first time buyer. The loans that you can get will probably be better than you would have gotten otherwise.

Call me if you'd like to see how much you qualify for and what your payment would be. My phone number is 818-361-8585 (Just ask for Kevin)

Answer 2

Is there a first time home loan you have found? It's states and counties who offer benefits for being a first time homebuyer in their area. Talk with your Loan Officer and have him/her contact one of their Title company contacts for an accurate explanation.

Answer 3

I do notknow myself but if you call Aslam Ansari.He is the only person I use for mortgages.1 917 602-5942 tell him Tom gave you the number. He is very knowledgable .I hope it helps. Good luck

Answer 4

No.