You spent a lot of time researching mortgages and buying a home only to get a letter from your mortgage company informing you that your mortgage has been sold. You’re understandably confused. How did this happen, and what’s the point? Why go to all the trouble of choosing a mortgage company if it is just […]
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:
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 1st 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.