Qualify As First Time Buyer?
My Girlfriend wants to buy a house and should qualify as a first time buyer and get some of the new benefits.
The problem is that her credit is not good at all and for her to qualify I would have to be on the loan but since I already own, I would not qualify.
Would this then disqualify her as a first time buyer?
Thanks!
I would think that if you are only a co-signer on the loan and not on the deed to purchase the property, this should be fine. However, the only way to know for sure would be to contact the administrator of whatever program that you are planning to apply for.
JS.
See also http://www.thecreativeinvestor.com/ViewTopic65283-33.html
Jnzy111 asks: "Would this then disqualify her as a first time buyer? " For FHA mortgages, no.
To clarify, the First Time Home Buyer (FTHB) context for multiple borrowers as it relates to FHA underwriting, from the Desktop Underwriter "User’s Guide for FHA Loans" page 21:
"Note: FHA’s FTHB guidelines apply as long as one borrower within the loan casefile qualifies as a first-time homebuyer."
https://www.efanniemae.com/sf/guides/duguides/pdf/fhaug.pdf
Correct,
My client just closed on a house, he being the first time homebuyer and the brother-in-law, cosigner, already owning a home.
See IRS tax code, says the first time homebuyer can claim and but the already homeowner does not qualify,
Just get attorney advise as how to title the deed so the girlfriend can clain homestead, IF you live in such a state.
YOu need to be more specific as to what you are trying to do and what is needed specifically..
[addsig]
Sorry....
We have a combination of 6 month and 12 month term hard money loans on the properties that are up and running. The interest payments are piling up due to the fact some of the loans have past their terms.
I am interested in a blanket loan to cover loans, or any other options available...
Ok, so how much is the total debt? How much do you owe the hard money guys and at what rates? How much is the total NOI BEFORE debt payments?
All of the above as a total for all the units except those under renovation.