Posted on: 06th Aug, 2010 10:13 am
I am recently divorced found out my name has never been on the mortgage to our martial home, but my name is on the land that was used to secure the marital property. so now divorced i want to move and purchase my own home do i qualify as first time home buyer
You may qualify as a first time buyer, but, what difference does that make.
There are not many special mortgage programs for first time buyers. Maybe some state specific state programs.
There are not many special mortgage programs for first time buyers. Maybe some state specific state programs.
John, your last sentence is correct, though. Many delightful programs exist for first time homebuyers (state-specific). Connecticut, for example, still allows for those with little funds availability to borrow virtually as much as is needed to do the deal. That often includes subordinate financing that can reach as high as 105% CLTV.
Now, you ask, "is that wise?" Well, yes, in some occasions; no on other occasions. Clearly, those benefitting from the higher CLTV ought to be more credit-aware and creditworthy.
Most other states that offer first time buyers some sort of program also have downpayment assistance programs as well.
Now, you ask, "is that wise?" Well, yes, in some occasions; no on other occasions. Clearly, those benefitting from the higher CLTV ought to be more credit-aware and creditworthy.
Most other states that offer first time buyers some sort of program also have downpayment assistance programs as well.
