Can I Be a First-Time Homebuyer Again?

Posted: 9/15/2020 | Read Time: 3min
Last Updated: 9/10/2021

Did you know that certain life events and scenarios can qualify a previous first-time homeowner to become a first-time homebuyer all over again?

With options such as payment assistance programs, low credit score requirements and debt-to-income ratio allowances, being a first-time homebuyer definitely comes with its fair share of perks.

Keep reading to find out what events and scenarios make it possible to become a first-time homebuyer all over again!

Can I Be a First-Time Homebuyer Again? Five Qualifying Factors

The Department of Housing and Urban Development lists the following situations as the qualifying factors an individual can use to become a first-time homebuyer again, allowing qualified individuals to potentially reap the benefits that come along with the status of purchasing a primary residence “for the first time.”

  1. Individuals With No Primary Residence Ownership in Three Years
    If you have not owned a primary residence for at least three years, you could qualify as a first-time homebuyer. Typically, the individual must prove they’ve had no ownership in a principal residence during a three-year period, ending on the third anniversary of the property’s purchase date. A spouse can be considered a first-time homebuyer if they did not own the property, qualifying both individuals as first-time buyers.
  2. Single Parents
    If you bought your first home while you were with your former spouse and are now a single parent, you qualify as a first-time homebuyer.
  3. Displaced Homemakers
    A displaced homemaker is an individual who works/worked in the home providing unpaid services for their family, foregoing the role of an employed worker for several years.
    With no employment, this individual relies on another family member’s income, becoming displaced homemakers when they no longer receive that income. If you’re a displaced homemaker who has only ever owned your first primary home with a spouse, you qualify as a first-time homebuyer.
  4. Principal Residences Not Permanently Attached to a Foundation
    If you own a mobile home that’s placed on a foundation but not permanently adhered to it in accordance with applicable building regulations, you could be a first-time homebuyer again.
  5. Properties That Fail To Meet State/Local Compliance Regulations
    If you own a primary residence that does not meet state and local compliance regulations or building codes and cannot be made compliant for less than the cost of constructing a new permanent residence, you could become a first-time homebuyer again.
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Buying Your First Home, Again

Will you be buying a home as a seasoned first-time homebuyer? This time around, do it as efficiently as possible with Wyndham Capital Mortgage. We’re a digital mortgage company with the high-tech tools you need to make obtaining a first-time homebuyer mortgage a walk in the park. See if you’re pre-approved with us today!

In a time where a majority of Americans believe they should be able to apply for a mortgage exclusively through a smartphone*, our digital efficiencies set you up to possibly to complete the mortgage loan process in less time than the traditional loan process allows, but that’s not all.

Our digital advantages could also make it possible to purchase your first home (again) with more buying power and less hassle than ever before. With our mortgage calculator with taxes taken into consideration, you’ll get a realistic idea of what you can afford and be on your way to a home loan you’re proud to hang your hat on.

Speak with one of our mortgage loan officers today to learn more about what Wyndham Capital Mortgage can do for you!

 

*Wyndham Capital Mortgage commissioned Atomik Research to run an online survey of 2,342 adults in the United States for their Mortgage 101 survey. The margin of error fell within +/- 2 percentage points with a confidence interval of 95 percent. The fieldwork took place between March 23rd and March 29th, 2021. Atomik Research is an independent creative market research agency.


Maggie joined the Wyndham Capital Mortgage team in November 2020 as a Content Strategist. She has more than six years of content creation experience, which includes launching WBTV’s digital brand Queen City Weekend (now QC Life) and garnering more than 1.1 million page views across her articles. With a love of storytelling, she hopes to bring that passion to WCM and the many families it serves. She resides in Charlotte, North Carolina, and can often be found at a coffee shop, latte in hand.

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