November 16th, 2013 4:51 PM by Nathan Rufty
What is a definition of a first time home buyer? Someone who has not owned a home in the past 3 years, that means never owned a home before at all, someone who owned a home 36 months ago and now the 37+ month is here, you are considered a first time home buyer in the state of California.
In the past 36 months you could have not been on title of a home and signed on a note secured by real property. How we know if you have never owned a home in the past 36 months is, we will require to review your last 3 years federal income tax filings to see if you wrote off any mortgage interest deduction or claimed property taxes as a deduction.
Also, once you complete a full Residential Home Loan Application and in our business we refer to it as the 1003, it will ask have you had ownership in a property in the past 3 years, yes or no? You must mark a box yes or no and that also means have you been on title of a home vern tough you were not on the note you had vested interest in the property if you were on a title of a home in the past 36 months.
How we know this is by you marking the correct box on the loan application and once we run credo there are other addresses that will appear in the remark section of the credit report indicating other properties that were used to pull your credit. We will ask have you ever owned any of the properties that appear in that section and we will also look up each properties history to see if you were on title of the home.
Now that we covered what is the definition of a 1st time home in California, lets get into some home loans that is offered to you the first time home buyer. As of right now there are not any tax credit to purchase a home, there are programs that will assist with the required down payment and closing cost.
Here in California you will need to work with a direct mortgage lender like myself because I am licensed in the state of California, where the larger lending institutions do not work with particular state specific down payment programs because they are to big. That is where a company like I work with only deals with California down payment assistance home loan programs.
There are local assistance like a city, county assistance and then state assistance programs. We have many down payments that we are approved with an adding more daily. This programs will have income and dependent limits to each program, the one common trait is that you must be a first time home buyer.
These home loan programs are great option to assist with your down payment and closing cost. With the many loan programs that the company I work for has available, to to many to list but there is one out there that is open to you as long as you meet the income limits. The income limits are based on the county in which are looking to purchase in.
To explore this option lets talk, we offer many down payment assistance home loans and we are one of the premier direct home loan lender in California with these programs. Call me directly at 909-503-5600.
By Nathan Rufty