I jointly own a property that we have now decided to sell. I want to buy a house by myself, do I qualify for first time buyer?
=====ANSWER=====
Hello Friend,
Thank you for visiting us and asking me this question.
The actual definition of a first time home buyer is self explanatory.
However, with that that said, it does not mean that a person in your situation cannot benefit from programs out there to help first time home buyers.
Once you have sold the house you jointly own, you can certainly get involved with some great first time home buyer programs.
One of the best ones to look into is the FHA203b home loan program. It offers the greatest flexibility to the first time home buyer without actually it having to be your first purchase.
Check out the page at Best FHA Home Loans for more details. This program has been around since 1934 and literally millions of people have used it.
With this program you can buy a house with as little as 3.5% down payment and credit score as low as 620.
Until recently (since the mortgage meltdown) the requirements of this program was in my mind the easiest to qualify for. It still is simple when compared to the conventional loan with much higher down payment requirements.
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.
