Posted by River City on March 13, 2007 at 12:14:50:
Most mortgage programs consider a purchaser a first time homebuyer if they have not owned property in the most recent three years. Living in the property has nothing to do with it. Since each program may carry its own set of parameters, you should check with the lender to see if you qualify for this status.
I need info on First Time Homebuyer credit. I heard there was a new “law” or “rule” about being a First Time Homebuyer more than once. Would this also apply if you have an investment property in another state you have never lived in?