Will you lose the first time home-buyers advantage if you sell your first home early?
May 2nd, 2010 by admin
I have some friends that just purchased their first home and got a great rate because of a first time home buyers’ discount. But they decide they don’t like the place and want to sell. Won’t they lose their huge first time home buyer’s discount savings when they sell? It seems like that’s a pretty significant thing to lose, especially when you were only able to take advantage of the low special rates for less than a year. Is there anything they can do?
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If they have decent credit and have been paying their mortgage on time, they should still qualify for a good rate.
First-time home-buyer programs aren’t all they’re cracked up to be.
not really anything they can do if they decide to sell. they would have to accept their losses and move on. if they have maintained their good credit, they should still be able to qualify for a good rate on a new loan.
No, they didn’t get any special discount because they are first time homebuyers–even if they think they did.
Just FYI, mortgage companies consider anyone who hasn’t own a home in over three years the same as a first time homebuyer.
Rick Lanicek