7 Ways to Know If You Are a Houston First-Time Home Buyer
Happy Tuesday! Some people wrongly believe that a first time home buyer is only someone that has never purchase a home before. However, that is only a part of it. If you are getting ready to purchase your new home and would like to know if you qualify as a first time home buyer, we hope you will find this information useful.
The U.S Department of Housing and Urban Development (HUD), describes a first-time home buyer as someone who meets any of the following conditions:
An individual purchasing their very first primary residence.
An individual that have not owned a principal residence for three years.
If you have owned a home but your spouse has not, you can buy a home together as first-time home buyers.
If you owned a home with your former spouse while married and is now a single parent.
A displaced homemaker who has only owned a home with a spouse.
An individual who has only owned a principal residence not permanently affixed to a permanent foundation. For example, a mobile home.
If you owned a property that was (a) not in compliance, or (b) failed to meet state and local building codes, (c) that cannot be brought into compliance for less than the cost of constructing a permanent structure, you can purchase a home as a first time home buyer.
As you can see, the broad definition of a first time home buyer, makes it easy to tell if you qualify as one. So if you are thinking of buying your first and meet the qualification as a first-time home buyer, you may also be able to enjoy some of the benefits that goes along with buying your very first home, such as the various down payments and closing cost assistance programs that are available for first-time buyer.
We at First Home Houston is always looking out for your best real estate interest. As always, we thank you for stopping by. Until next time… Diana.
Image Design by Diana for First Home Houston.com
Source: U.S Department of Housing and Urban Development (HUD)
