Posted on: 01st Jul, 2011 02:07 am
Hello everyone… First of all my heartiest thanks to all of you for such a well maintained forum! My question is regarding a timeshare. Does a timeshare prevent us from being a first time home buyer? Please let me know. Thanks
Hi Gale,
You will be considered a first time home buyer if you did own a property for the last 3 years. If you owned the timeshare for the last 3 years and declared it to be your primary home, then you won't be considered as a first time home buyer.
Take care
You will be considered a first time home buyer if you did own a property for the last 3 years. If you owned the timeshare for the last 3 years and declared it to be your primary home, then you won't be considered as a first time home buyer.
Take care
Gale,
Since the timeshare is an intermittent occupancy property, it is not your primary residence. Therefore if you hold no other real estate, then you would qualify for first time homebuyer programs...Good luck
Since the timeshare is an intermittent occupancy property, it is not your primary residence. Therefore if you hold no other real estate, then you would qualify for first time homebuyer programs...Good luck
And I'll chime in, agreeing with Chris, that the nature of a timeshare is such that it won't prevent you from being considered a first-time homebuyer. I'm hoping that you're taking advantage of some of the marvelous programs that exist around the country for first-timers; and I wish you well.
