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1st Time Homebuyer?

by Anonymous
(US Citizen in Canada)

I have been in Canada for the last 10 years and recently moved back to the US, I am a US Citizen.

I did own a home in Canada and just sold it. They kept 25% of the sale price (yes SALE price) and I won't be able to get it back until I can file taxes, next year.

This has locked up my equity and is preventing me from buying a home in the US.

Question: Since I have not owned a home in the US for more than 10 years am I considered a "1st Time Home Buyer"?

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First Time Home Buyer or Not?
by: Jeffrey

Hello Anonymous First Time Home Buyer;

Thanks for asking your question here. I appreciate when people stop by my site.

First of all, sorry that the laws in Canada require you leaving 25% of the sale price until you file taxes. My goodness, what happens if one does not have that much equity in there home? Does the mortgage company have to wait until you file taxes to get the remaining balance??

That seems absurd! Sorry I got on my soapbox a little bit over Big Government. I'm guessing this is because you're US citizen and would be taking the money out of their country.

Anyway, you should not have any problem qualifying as a first time home buyer in the USA.

The rules here that qualify you for most first time home buyer mortgages is that you can not have owned a home in the past 3 years.

Even with that said, the lending guidelines seem to be loosening once again and you may be able to find so great conventional loans with low down payments that can be equally as good.

While I talk a great deal about FHA home loans on this site, there are other choices for the right kind of buyers.

Understanding your credit, debt to income, job history are other things you have to consider.

Your income and credit status would likely be the greatest concerns of any lender since you have been absent from the US job market for 10 years.

So, you may just want to try and get pre-approved for a mortgage to find out where you stand.

Each lender has different guidelines they require. But if you have steady income, decent credit I think the link I provided above can help you.

I wish you the best.

Regards,

Jeff Ragan

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