1st Time Homebuyer??

Discussion in 'Credit Talk' started by SM, Apr 16, 2001.

  1. SM

    SM Guest

    I know this is going to sound like a really dumb question...but here goes.

    Is there anyway to be considered a 1st time homebuyer a second time? My situation is that my hubby and I bought a home in '92 and had to walk on it in '94 due to layoffs and high property taxes. As of February 2001, our foreclosure is completely off our credit report and there is no record of our first fiasco!

    I am pretty sure we purchased under 1st time homebuyer through FHA the first time, but I am not 100%. Do they keep record or can we try this method once again?

    Like I said, I know it may sound dumb, but it doesn't ever hurt to ask.

    GEORGE Well-Known Member


    If you buy in a depressed area...
    If you sold your house then rented property not your own...
  3. SM

    SM Guest

    How would I find out if I qualify again and who would I go to?
  4. MikeG

    MikeG Well-Known Member

    3 year rule

    From my understanding, if you have not owned a house in the last three years, you can be considered a 1st time buyer again.

    Mike G.

    GEORGE Well-Known Member

    Re: 3 year rule

    GO TO FHA.
  6. judyputy

    judyputy Well-Known Member

    Re: 3 year rule

    Mike G, I hope that is correct!

    We sold 5 years ago and really want to be considered 1st timers again too.

  7. Shantel

    Shantel Well-Known Member

    Re: 3 year rule

    Mike is right. If you haven't owned a home in 3 years, you can be considered a 1st time buyer again.

    One thing to remember is that even though it's off your credit report, it doesn't mean that FHA has forgotten about it. Also, if there was a short-sale on your house (i.e. they sold it for $40k in the foresclosure and your mortgage balance was 60k) they CAN sue you for the difference.

    I bought my 1st house in 97 FHA. I foreclosed in 99 (long story I don't want to get into here). I'd been in contact with the HUD office and was told that they could sue me if they were so inclined, but they probably wouldn't (due to the circumstances of the foreclosure).

    One last thing - I don't know if the SOL applies to things of this sort, but you might want to check on it. That way, you know they won't ever be able to collect on that.

    Just my 2cents.

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