{"id":5743,"date":"2019-10-13T13:44:33","date_gmt":"2019-10-13T17:44:33","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/nashua-nh\/?page_id=5743"},"modified":"2024-10-16T11:01:36","modified_gmt":"2024-10-16T15:01:36","slug":"mep-bank-statement-program","status":"publish","type":"page","link":"https:\/\/mortgageequitypartners.com\/nashua-nh\/loan-programs\/first-time-homebuyer\/","title":{"rendered":"First-time homebuyer"},"content":{"rendered":"<div class=\"gca-column one-half first\"><h2>First-time homebuyer<\/h2>\n<p>\u201cFirst-time homebuyer\u201d might seem like a pretty straightforward term, but what qualifies as a first-time homebuyer under many programs is often someone who hasn\u2019t owned a home in at least three years or more.<\/p>\n<p>Fannie Mae defines a first-time homebuyer as someone that meets the following standards:<\/p>\n<ol>\n<li>purchasing the security property;<\/li>\n<li>will reside in the security property as a principal residence; and<\/li>\n<li>had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property.<br \/><\/div><div class=\"gca-column one-half\"><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 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If you lived in a home with your spouse or partner for the previous three years, but your name was not on the mortgage, or it was on the contract only as a joint owner, Fannie Mae may qualify you as a first time homebuyer.<\/p>\n<p>If you have been through a short sale or foreclosure, you may qualify as a first-time homebuyer if you have fulfilled the waiting period required by the mortgage lender. Sometimes the waiting period is three years, and sometimes it\u2019s longer \u2013 anywhere from 4-7 years is common. This time frame depends on what the lender has decided according to the guidelines of government entities backing the loan such as the Federal Housing Administration, <a href=\"https:\/\/www.fanniemae.com\/singlefamily\/homeready\" target=\"_blank\" rel=\"noopener noreferrer\">Fannie Mae<\/a> or <a href=\"http:\/\/www.freddiemac.com\/homepossible\/\" target=\"_blank\" rel=\"noopener noreferrer\">Freddie Mac<\/a>.<\/p>\n<h3>Why does first-time homebuyer status matter?<\/h3>\n<p>Qualifying as a first-time homebuyer entitles you to take advantage of some great programs that will address common pain points experienced by many first-timers. The three main barriers to homeownership are down payment, access to credit, and affordable housing.<\/p>\n<p>As a first-time homebuyer, you may have access to loan programs only offered to first-time buyers that have special no or low down payment options, programs that include down payment assistance or that offer more flexibility when it comes to closing costs.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><a href=\"https:\/\/mortgageequitypartners.com\/homebuyer-guide\/\">Download our FREE Homebuyer Guide!<\/a><\/p>\n<\/blockquote>\n<p>Programs that will be beneficial for first-time home buyers include:<\/p>\n<ul>\n<li><a href=\"https:\/\/mortgageequitypartners.com\/mortgage-products\/state-housing-programs\/\">Low down payment programs by State<\/a><\/li>\n<li><a href=\"https:\/\/mortgageequitypartners.com\/nashua-nh\/loan-programs\/federal-programs-hud\/\">FHA loans<\/a><\/li>\n<li>GSE Loans for first-time homebuyers<\/li>\n<li><a href=\"https:\/\/www.fanniemae.com\/singlefamily\/homeready\" target=\"_blank\" rel=\"noopener noreferrer\">Home Ready by Fannie Mae<\/a><\/li>\n<li><a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/origination-underwriting\/mortgage-products\/home-possible\" target=\"_blank\" rel=\"noopener noreferrer\">Home Possible by Freddie Mac<\/a><\/li>\n<\/ul>\n<p>For more detailed explanations of these programs, contact one of our experienced <a href=\"https:\/\/mortgageequitypartners.com\/nashua-nh\/our-team\/\">loan officers<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Also, an individual who is a displaced homemaker or single parent will be considered a first-time homebuyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period. 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