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Married to a 1st Time Home Buyer

by Rashid
(Columbia, SC)

I purchased a home before I got married. Now that I am married my husband wants to move and purchase another home together. Since he will be a 1st time buyer will they allow us to participate in a 1st time buyer program if we purchase a home together, even though I am not a 1st time buyer?

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First Time Home Buyer After Marriage
by: Jeffrey

Hello Rashid,

Thank you for asking such a good question. I like it when people like yourself visit my site and look for answers to questions on FHA home loans that they cannot find answers to elsewhere.

The short answer to your question is "Yes". If your husband is to become the primary borrower and has not owned an home in the past 3 years it should be just fine.

You will need to sell the home that you have the mortgage on before you get a new loan unless you can qualify for the loan and meet the debt to income requirements. The the qualifying ratios are 31% and 43%.

So this means that using the combined gross monthly income of both you and your husband, 31% is allowed for housing expenses which is to include principal, interest taxes and insurance.

Click here to visit this webpage for additional information on the best FHA home loans and learn how they work.

The home that you bought with a first time home buyer loan most likely has a "due on sale clause" and you normally cannot rent a home that is under a first time home buyer program.

This may be especially true if you plan to be on the new mortgage with your husband because I'm not aware of any lenders that allow you to have 2 first time buyer home loans at one time.

I hope this answers your questions. Feel feel to reply to this thread if you have other questions.

Regards,

Jeff Ragan

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