Are we first time buyers?
Jan 16th 2017, 10:35 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2014
Location: London -> New York
Posts: 216
Are we first time buyers?
Our house hunting went better than expected this weekend and we have found somewhere we love - now playing quick catch up as we're not pre-approved for a mortgage yet!
We already own a house in London we are renting out - but that is in the UK.
Does that make us first time buyers here?
We already own a house in London we are renting out - but that is in the UK.
Does that make us first time buyers here?
Jan 17th 2017, 12:01 am
#2
Lost in BE Cyberspace
Joined: May 2010
Location: San Diego, California
Posts: 9,662
Re: Are we first time buyers?
Probably from the lenders point of view if you have no credit/mortgage history!
The term 'first time buyers' is usually applied to those who are buying their very first home, usually young and on a strict budget. Also may need their hands held during the buying/selling process.
Not normally applied to those who are buying their second or third home, even if it is a 'first' home in the US.
The term 'first time buyers' is usually applied to those who are buying their very first home, usually young and on a strict budget. Also may need their hands held during the buying/selling process.
Not normally applied to those who are buying their second or third home, even if it is a 'first' home in the US.
Jan 17th 2017, 12:03 am
#3
WTF?
Joined: Aug 2003
Location: Homeostasis
Posts: 79,367
Re: Are we first time buyers?
Our house hunting went better than expected this weekend and we have found somewhere we love - now playing quick catch up as we're not pre-approved for a mortgage yet!
We already own a house in London we are renting out - but that is in the UK.
Does that make us first time buyers here?
We already own a house in London we are renting out - but that is in the UK.
Does that make us first time buyers here?
Jan 17th 2017, 12:03 am
#4
Forum Regular
Thread Starter
Joined: Feb 2014
Location: London -> New York
Posts: 216
Re: Are we first time buyers?
Thanks for the reply.
We have just worked that out - it seems like it doesn't really matter at all.
We are just going for a conventional loan and don't care about FHA loans - so all should be good!
We have just worked that out - it seems like it doesn't really matter at all.
We are just going for a conventional loan and don't care about FHA loans - so all should be good!
Jan 19th 2017, 4:07 pm
#5
BE Forum Addict
Joined: Feb 2010
Location: Temecula, CA
Posts: 4,759
Re: Are we first time buyers?
We qualified as first time buyers, despite 2 previous in the UK, though I'm not sure it gained us anything.
