What Is A First Time Home Buyer

What Is A First Time Home Buyer

Last week I learned something NEW that I may be a misconception with many people.  I have always assumed (yes, I know that is my first mistake) that a FIRST TIME HOME BUYER was someone who has never owned their own home.  But I was educated by a lender and want to reach out to everyone I know currently RENTING to make sure they know buying could be an option for them even without a large sum for downpayment and perhaps even an exemption from the monthly PMI.  Check out the definition of what qualifies as a first time home buyer and see if you could in fact be qualified to buy and put your days of renting behind you!  


HUD DEFINITION OF FIRST TIME FLORIDA HOMEBUYER:

A. Is an individual who has not had an ownership interest in a principal Florida home during the last 3 years. This includes a spouse they are considered Florida first-time Florida homebuyers.

B. Single parents are first time homebuyers if they have only owned a Florida home with a former spouse while married or a single parent who has only owned with a former spouse while married is also considered a first time Florida homebuyer.

C. A first time Florida homebuyer is one who is one who has been a displaced homemaker and has only owned a Florida home with a former spouse.

D. A first time Florida homebuyer is an individual who has only owned a principal Florida home not permanently affixed to a permanent foundation in accordance with applicable regulations.

E. A Florida first time homebuyer is an individual who has NOT owned a Florida home that was in compliance with Florida State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent Florida home.



David and Leslie Miller Headshot
Author:
Phone: 850-499-4162
Dated: March 5th 2018
Views: 84
About David and Leslie: South Walton became my home over 12 years ago when David and I married and chose to settle and raise...

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