Reply
 
Thread Tools Display Modes
  #1  
Old 10-07-2019, 07:10 PM
anomalous1 is offline
Guest
 
Join Date: Jan 2017
Location: Chicago, IL
Posts: 1,506

First Time Home buyer program eligibility


I am curious if a person owns a property in another state (inherited, not purchased) whether it will affect eligibility for any potential first time buyer programs in their home state.

Scenario: Friends sister was left property by a deceased parent, the sister puts property into joint ownership with friend. This property is in Wisconsin. Friend wants to purchase property in Illinois. Does having joint ownership on a property in a different state affect first time buyer program eligibilities? Is it a state by state issue? What problems (if any) could this pose to a first time buyer and what should be expected?

Thank for any information or input on the matter!

Last edited by anomalous1; 10-07-2019 at 07:11 PM.
  #2  
Old 10-08-2019, 02:18 AM
anomalous1 is offline
Guest
 
Join Date: Jan 2017
Location: Chicago, IL
Posts: 1,506
I forgot one more thing: If it did potentially cause an issue with any potential first time buyer benefits, what would they likely be? A considerable amount of potential savings, or likely only a few grand/benefits on closing fees? Thanks again.
  #3  
Old 10-08-2019, 03:12 AM
steatopygia's Avatar
steatopygia is offline
Experimental FOC Test Pilot
 
Join Date: Mar 2013
Location: North Idaho mostly
Posts: 1,830
It does vary state by state and also program by program. Here is a list of programs by state.
  #4  
Old 10-08-2019, 11:38 AM
Si Amigo is online now
Member
 
Join Date: Nov 2004
Location: North of 8 Mile
Posts: 4,186
Did the friend ever take out a loan on the property she inherited? That may come into play if the friend thinking of applying for a loan on the new property. Some states may differentiate between a first time home buyer and a first time home owner. Is the friend going to use the existing home as collateral? What is the relationship between them?

Last edited by Si Amigo; 10-08-2019 at 11:42 AM.
  #5  
Old 10-08-2019, 11:56 AM
enalzi is offline
Guest
 
Join Date: Apr 2008
Location: Chicago, IL
Posts: 8,183
In general, "first time home buyer" means you have owned any property in the last three years regardless of location. Some states programs might have more restrict guidelines, but I've never seen one that gives an exception for owning property in a different state.

EDIT: The specific question on the Uniform Residential Loan Application is "Have you had an ownership interest in a property in the last three years?"

Last edited by enalzi; 10-08-2019 at 11:57 AM.
  #6  
Old 10-09-2019, 12:48 AM
anomalous1 is offline
Guest
 
Join Date: Jan 2017
Location: Chicago, IL
Posts: 1,506
Quote:
Originally Posted by steatopygia View Post
It does vary state by state and also program by program. Here is a list of programs by state.
Thank you so much! I tried looking for something like that but like an idiot kept looking at resources for individual states and my searching stinks...all drivel. This will really help them out to get some ideas.

Quote:
Originally Posted by Si Amigo View Post
Did the friend ever take out a loan on the property she inherited? That may come into play if the friend thinking of applying for a loan on the new property. Some states may differentiate between a first time home buyer and a first time home owner. Is the friend going to use the existing home as collateral? What is the relationship between them?
No loan taken out on inherited property, and likely won't. Existing home won't be used as collateral, it is a summer cottage.

Quote:
Originally Posted by enalzi View Post
In general, "first time home buyer" means you have owned any property in the last three years regardless of location. Some states programs might have more restrict guidelines, but I've never seen one that gives an exception for owning property in a different state.

EDIT: The specific question on the Uniform Residential Loan Application is "Have you had an ownership interest in a property in the last three years?"

Ahh, that may suck, is it something with any room for negotiation at all or is it cut and dry like that? Is answering that question in the positive an absolute disqualifying factor?


Thank you to all three of you for the assistance, i'm sure it will help out, possibly even for myself sometime. If you have any more input I would of course greatly appreciate it.
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 07:46 AM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.

Send questions for Cecil Adams to: cecil@straightdope.com

Send comments about this website to: webmaster@straightdope.com

Terms of Use / Privacy Policy

Advertise on the Straight Dope!
(Your direct line to thousands of the smartest, hippest people on the planet, plus a few total dipsticks.)

Copyright 2019 STM Reader, LLC.

 
Copyright © 2017