How would the first time home buyer program work if I am....?

Question

...If I am living in one state and plan on purchasing in another. (I live in Florida and I would like to purchase-soon- in North Carolina but I will not be relocating this year so Im still a Fla resident).

Can someone explain the specifics of the first time home buyer program as it relates to a resident in one state purchasing in another? Thanks.

It is an investment property in an area that I know has done well. It's in a quiet area in driving distance of a business park, mall and university. I didn't buy the first phase but I would like to buy into the second phase of brand new townhomes. I already know 3 people who built and had renters within the first 2 mos. so Im not worried about the location.

Also, I have been with my job for 2 1/2 years and I have a good financial situation. I've never owned a home so I was wondering would this program apply to me (given the fact that I want to buy out of state).

Answer 1

It will not work, the only thing you will get out of it is learning about home buying. To qualify for State aid in getting a house through the First Time Home Buyer Program you need to buy within your State and County. Whatever county you take the 3 day course in is the county that you will be able to get the house in. If you change your mind you will need to wait 3 months and take it in another county. i believe you need to be a resident of that State, so try renting first in the State you want to buy the house in, and then go to one of those programs.

Answer 2

I'm not sure but here's something else to think about. Usually first time home buyer programs are for 30 years. That's a long time and a lot of interest. If you buy a reasonably priced home, it may be better to pay it of with a different type of loan in 20 years. I would not buy a home anyplace I had not lived to be sure I was buying in the area I really wanted to live in and that all the amenities I wanted were available nearby. It was also very important to me to be either close to work or close to a highway that could get me moving quickly so I wouldn't be stuck driving to and from work so much. Heavy traffic can be difficult to judge until you live there and find out where the traffic jams are.

Answer 3

Briefly, you usually need a 2 year job history in the same field, and a decent credit score. It helps to have some money in the bank or retirement accounts, and a down payment of at least 5% is going to help you too. You also need a clean rental history of ontime rent payments.

There are a whole bunch of other factors that go into qualifying for a mortgage.
There are hundreds of different loan programs.

Get your situation as good as possible before you move, but if you are changing careers, you may need to rent for awhile.