Probably about 25 years ago my brother purchased (cash) a mobile home that he lived in. I know it's been at least 10 years since he sold it and has been renting ever since.
Would he qualify as a 'first time home buyer'?
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Hello Mary,
Thanks for coming by my site and asking such a good question. I love meeting new people and sharing with them important knowledge about the home buying process.
Now you mentioned that your brother purchased a home 25 years ago and sold it around 10 years ago. Your question is if he would qualify as a first time home buyer. Feel free to visit this link to read more.
Well the answer is "YES" because he does not currently own a home.
According to HUD which is the government owned organization that runs FHA (Federal Housing Administration):
I will try and paraphrase it for you.
They indicated that homeownership has been realized by more Americans and any time in history. With a 67.7% US homeownership rate reached in the year 2000, this is a number never seen before. What is interesting is that many people still do not realize they can become a homeowner. I know this is true because I saw this when I was in the mortgage business.
HUS talked about how a home is more that just a financial asset. Futures are created in the home where families grow and become a part of a community. These makes for stronger communities and improves the overall economy.
They are especially proud how the FHA home loan program has helped so many first time home buyers. HUD stated that 81% of the FHA insured loans in the year 2000 were first time home buyers.
Since 1934 HUD has helped people become homeowners with the FHA 203(b) home loan.
So the long and short answer to your question is that your brother can qualify for a first time home buyer program as long as he has the income and credit to get there.
I know there is much more involved since you have not discussed all the details, but if he has managed his credit well and does not have an FHA home loan right now, he should not have a problem.
I hope you find the links I'm providing you helpful. Feel free to ask any other questions in this thread.
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.
