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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

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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.

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