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The Mortgage Mashup Blog
|Posted on 5 February, 2015 at 0:05|
What is the definition of a "first-time home buyer"?
An individual is to be considered a first-time home buyer who
(1) is purchasing the security property;
(2) will reside in the security property as a principal residence; and
(3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.
The above is Fannie Mae and Freddie Mac’s definition for who is considered a 1st time home buyer.
Your borrower(s) will need homebuyer education with this program.
Contact me for more information.
*** Vincent J. Fiordilino, Branch Manager, PERL Mortgage, Inc, of Jupiter, FL. www.MyJupiterLender.com . Phone:800-905-5069***