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Qualifying As A First Time Home Buyer

Hi, we are two sisters, one in California and one in NYC.

We are wondering if potentially being on the title of our parent's home in North Carolina would disqualify us from obtaining loans as first time home buyers when we go to purchase houses for ourselves?

They don't need us to get their loan and they do not need us to cosign, but we are both offering to give them some cash to help with the down payment, which is why they have offered to put us on the title.

We don't want to be on the title if it will disqualify us for getting the benefit of being first time home buyers ourselves. Again, we never plan to live there and we are not on the loan.

Thanks for your advice,

Two Sisters,


Hello There Two Sisters;

Thank you for placing your confidence in me and asking your questions. I hope you find my website helpful to you. I try very hard to help people in usual situations by getting them answers they need.

I have great news for you both. If you are not on the loan, there will be no record of you in the eyes of the lender that you have a vested interest in a house.

It's very commendable that you both want to help your parents, plus I admire your parents for offering to place you on title as security.

Actually it's probably best you are on title should anything ever happen to them. This may help keep the home out of probate court anyway. I'm not a legal professional so you would have to get professional opinion to know for sure. It varies from state to state how this all works.

So to answer your question forthright, this will not hurt either of you from qualifying as first time home buyers in the future.

I certainly hope you have found this helpful to you. I would really like to ask you a HUGE favor. Please "Like" us in your FaceBook account and give us a shout out in Twitter. Using the buttons just below make this easy if you are already logged into your accounts.


Jeffrey Ragan

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