First Time Homebuyer Loans and Definition

Ellen Levy
Thursday, October 29, 2020
First Time Homebuyer Loans and Definition
When you hear about "first-time home buyer" loans, don't automatically assume that you can't qualify if you've previously owned residential property. For example, Fannie Mae and Freddie Mac each have loan programs that define "first-time" as having had no ownership in a property within the last THREE years. Even better? If there are multiple borrowers, only ONE needs to fit this profile to be eligible! Under such programs, first-timers may be eligible to borrow up to 97% of the property's appraised value for a purchase. (As always, other criteria must also be met - so check with your loan officer for details.) Bottom line: If you're looking to buy a home, you might have more financing options than you think.
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