It can be a real advantage to be classified as a first time home buyer. You qualify for special programs if you are classified as a first time home buyer. For example, Freddy Mac has a program where you can get a home loan for only 3% down. There are other programs that give special advantages. If you call our office, we can explain some of the programs that might be available to you.

You may be surprised to find that you might fall into this classification for loan purposes.

Here are the criteria that HUD lists for what constitutes a “first time homebuyer”:

• An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
• A single parent who has only owned with a former spouse while married.
• An individual who is a displaced homemaker and has only owned with a spouse.
• An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
• An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure

So if you haven’t owned a home in 3 years, you are considered a first time buyer. There may be other programs that you are eligible for. You should call our office so we can discuss your situation with you.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.