Mortgage - Am I still classed as first time buyer (i've owned a house before)?

Question

I owned a house which I sold a few years ago due to splitting up with a partner. I'm renting at the moment and want to buy again. I know this is probably a daft question, but am I classed as a first time buyer, or am I not because i've had a house in the past??? When the lender/broker asks me, what's best to say?

Answer 1

It doesn't really matter, unless your lender is offering a special deal for first time buyers, in which case you could justifiably make that claim. However, the fact that you have previously had a mortgage, and made your repayments regularly is something that definitely counts in your favour, so I'd be inclined to mention it. Don't forget, you are the customer, they want your business. Good Luck !

Answer 2

Every wealthy real estate investor I know says always use OOPS"S (other peoples money!) Always get a loan, use as little down as possible. Now these people have done this for years and are extremely real estate rich. But it's not the cash or loan that is going to make you the money buying now why it's low. It's the location. If you buy a home make sure it's in an area that you know will be worth more later or at least hold it's value in the next few year then go up. Unless you find a really cheap home in the ghetto, but make sure it's a great deal and then fix it up. But never put allot of money into a house that is in a not so great area. You have to fix the house up to the area not better then the area or that money is a waiste becuase someone will buy the house next to yours that is in worse shape because it's less thinking in thier heads that they can do exactly what you just did to fix it up but for cheaper. I am a flipper, investor, realtor and a home builder!

Answer 3

If you have owned or had a mortgage in your name in the last 3 years you are not a first time homebuyer. However, under todays guidelines, if it has been over 3 years, you are. And, yes, it does matter!! A lot of lenders today will not lend 100 financing to a fthb. A month ago, yes, but we losing more and more every day. Make sure you check with someone who knows what they are talking about. Taking some of the advise I have seen people give will only cause you heartache.
People, please...if you are unsure, please dont answer. Homebuying can be the easiest, or the most stressful thing in your life. Taking bad advise can make it HORRIBLE.
Good luck!

Answer 4

It can vary state to state. I am located in Illinois and you are considered a 1st time homebuyer if you have not owned property in the past 3 years. Tell the lender/broker when the property was sold. Your credit report will reflect it anyway.

Answer 5

We bought a house in MN. My husband graduated from law school and got a job in a different state. We've been renting for quite some time, but we're now looking to buy a house.

We're considered first time homebuyers because we rented after owning a house.

Answer 6

I did it, same circumstances, split with partner, therefore I had no ties (he bought me out of the mortgage) I used the same solicitor for my second house as the first & she wasn't bothered. It really just means there's no chain, so ur more attractive proposition to whom ever you buy from. yes do it.

Answer 7

I had a similar situation to yours and was told by the mortgage arranger at the Cheltenham & Gloucester blg soc. that i wasn't considered a first time buyer. - so, you are not a first timer.

Answer 8

Usually it relates to financing, whether you got a mortgage to buy a house before or not.

Answer 9

No