First Time Home Owner Series: Who Is A First Time Home Buyer?
April 19, 2023
According to HUD (US Department of Housing and Urban Development, a first-time homebuyer should be one of the following:
- Someone who has not owned a principal residence for 3 years
- A single parent who only owned a home with a spouse – while married
- A displaced homemaker who only owned with a spouse
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local or model building codes—and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
A principal residence is a primary location that a person inhabits. It does not matter whether it is a house, apartment, trailer, or boat, as long as it is where an individual, couple, or family household lives most of the time.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company with the answers you need. Please call us at 845-883-8200. We look forward to hearing from you.