First time buyers can qualify for some helpful loan terms that make getting a loan a bit easier as well as make purchasing a home more attainable. The term “first time buyer,” however, is a little misleading. While these loans are certainly available to those who have never before purchased a home, there are other circumstances under which you may qualify. True First Time Buyers First time buyer loans are, as the name implies, made available to those who have never before purchased a house. These loans are designed to help ease the burden of down payments and other financial difficulties. There are a range of state and federal programs to help those who have never owned a home before; not all true first time buyers will qualify for every program. Previous Homeowners Under many programs, you can be considered a first time buyer again if you have not owned a home in several years—the common rule is three years. That means that even if you did buy a home before, but sold it three or more years ago and have used alternative housing, such as renting, ever since, you are considered a first time buyer. These programs are also […]
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