Click To View Links

Do I qualify for First Time Home Buyer Program

by Stephanie
(Oakland, CA )

I heard that if you lived in your home for five consecutive years then you qualify for the program, Is this true?


Hello Stephanie;

As I meditate on your question, I'm not sure if I understand what you are asking.

Most first time home buyer programs are for those who are buying a home for the first time.

If you already live in the home, and your are renting, then yes, this can be to your advantage. If you already own the home then that is where I might be getting confused.

Now assuming you are renting, then this would give you a rental history that would be treated much like a mortgage history.

If you have a perfect record of say 60 monthly rent payments that are all on time (not over 30 days late) then this is a good thing.

You would be a good candidate for an FHA home loan.

This program is perfect for first time home buyers since it offers low down payment and does not really have credit requirements that are very hard to meet.

Take a look at the page in that link and you will see what I mean.

Hopefully you find this helpful.


Jeff Ragan

Comments for Do I qualify for First Time Home Buyer Program

Click here to add your own comments

Qualifying as a first time homebuyer
by: Nichole

Do I qualify as a first time homebuyer if I inherited part of a house from a relative? My husband isn't on the house but I am.

Qualifying as a first time homebuyer
by: Jeffrey

Hello Nicole,

If your name is on the deed, then that indicates home ownership. Almost all first time home buyer programs require that you have not had a mortgage in the past three years.

Unfortunately, I don't know if you are on a mortgage or deed. If you are, then the answer would be no. If you are not, then yes, you should explore first time home buyer programs.

Click here to add your own comments

Return to Mortgage Questions.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. FHA Lending Guidelines

    Jun 10, 17 02:58 PM

    According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…

    Read More

  2. FHA Title 1 Loan Explained

    Jun 08, 17 08:15 PM

    Are you interested in the FHA Title 1 Loan program and wonder where to find a lender who works with this program? Others have wondered the same thing, find the answers on this page.

    Read More

  3. FHA Help

    May 26, 17 03:14 PM

    Would you like some FHA help? Perhaps you are wondering if it is wise to add a significant other to the mortgage? Or why a mortgage company would ask you to go conventional instead of FHA? Find answer…

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans

Follow Us On Twitter

follow me on twitter