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?
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
www.primelendingonline.com
3 Responses
leah_ifft@sbcglobal.net
2009 May 28 1If 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.
References :
I'm a loan officer.
http://ohiomortgages.blogspot.com
daniel r
2009 May 28 2not 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.
References :
i am a realtor in the dallas texas area
rlanicek
2009 May 28 3No, 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
http://www.primelendingonline.com
References :
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