How Do I Qualifying For First-Time Buyer Programs?
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There are a number of programs directed toward first-time purchasers. In general, there are three standards.
First, you must not have owned real estate within the past three years. (In effect, you can be a “first time” buyer more than once.) This standard can pose some difficulties in divorce situations where spouses once owned property jointly but now wish to buy individually. See program rules for details.
Second, state programs often have income ceilings. If you earn too much, you may not qualify even though you have not owned property in the past. The theory is that those with high incomes have a variety of mortgage options not available to many first-time buyers.
Third, program funding tends to be limited. This means first-time buyer programs are operated on a first-come, first-served basis. Once program funds are gone, it can take weeks or months until additional monies are available.
For details, speak with local brokers and lenders. It’s a good idea to obtain all necessary forms in advance to see what information is required for participation. It’s also a good idea to assemble all required paperwork in case it’s necessary to quickly turn around an application.
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