I cosigned with my parents for them to buy a home 10 years ago. They sold the house about 5 years ago. I'm wondering if I would be considered one of the first time home buyers in the eyes of the lenders?
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Hello Michelle;
Thank you for coming by my website and asking a question. I really enjoy meeting new people here in cyberspace and helping them achieve their dreams.
If the mortgage you were once on with your parents has been paid of for at least 2 years, then yes you would be considered a first time home buyer.
With this thought in mind, allow me to offer you a little direction in the mortgage process. I have been helping people for many years understand the complicated paperwork and getting through it.
The first part of the process is understanding your credit score. Pay a visit to that link and be sure you are in a position with your credit to buy a house.
If your credit scores are good, you would do well to understand the first time home buyer programs that are available to you. There are many of them out there, just finding the one that is right for you is the job at hand.
For many of my visitors to this website, they find the best FHA home loans that fit them is the 203b program. FHA has been the choice mortgage product for decades.
If you spend the time browsing around on my site here, you will find loads of FREE information that can help you understand the entire process.
Also, you'll find many helpful links. Feel free to visit any of them for additional details.
I hope you find this information helpful. If you have any other questions, feel free to comment to this post in the blog.
Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.
