Can I qualify for a first-time homebuyer program if I’ve purchased a home before?

First-time home buyer programs are an excellent resource for those looking to purchase a home. These programs are designed to help new buyers afford a home, generally by assisting with closing costs or the down payment. Most first-time homebuyer programs are administered by state housing agencies, and come in the form of a second mortgage or a grant added to a buyer’s primary loan program such as:

• FHA
• USDA
• VA

But if you’ve owned a home in the past, can you still qualify for one of these programs?

Programs can vary by state

First-time homebuyer programs and their requirements vary by state, so it’s essential to do your research. For example, a program in Missouri may not necessarily be available in Illinois. States also tend to have a budget set aside specifically for these programs. In Missouri, there are programs such as the First Place Loan Program.

You may be able to qualify if you’ve owned a home before

Now that you know the purpose of first-time homebuyer programs, you will be pleased to know that you may be able to apply even if you have owned a home before. However, there are some other general qualifications:

You may be able to qualify for a 1^st time homebuyer program if:

• You were a previous homeowner who has not owned a principal residence for at least three years.
• You owned a home, not on a permanent foundation, like a mobile home.

Of course, these qualifications will differ from program to program, so work closely with your lender to find the best program for you.

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The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.