|
Prequalifying and Preapproval
How do you qualify as a first-time buyer?In general, lenders define a first-time home buyer as someone who has not owned any real estate -- whether a personal residence, vacation home or investment property -- during the past three years.
Lenders verify an applicant's status by examining their income tax returns, checking to see that the individual did not take any deductions for mortgage interest or property taxes.
Return to Ask an Expert Topics
Ask your question:
Please Note: Although we make every attempt to personally respond to all questions, due to volume it may not always be possible. All answers will be published in the Ask an Expert area of our site.
* - required
|
 |
|
Ask An Expert
