Profile picture for user8647113

Can you get another 1st time home loan,...after so long. My mom says yes.

My mom said you can aply for a 1st time home buyer loan again,...after so long. I had one back in 1998. We moved, went thru rough times in 2008, lost the home to the bank. Now trying to get back on our feet and buy a home. I have a very steady job with caterpillar inc. but really no deposit,....and still recovering from terrible credit. I've paid $650 a month rent for 5 years...ouch
  • March 02 2013 - Pilot Grove
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

"My mom says yes"
Thats the funniest thing I've read all day.
  • March 04 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First time homebuyer eligibility typically will mean you have not been on a mortgage loan or title for any property in the last 3 years. If your last activity was 2008 you might very well be eligible.
  • March 03 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for finny6944
yes
  • March 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Many States offer a version of a  first time home buyers programs. Programs can be very cumbersome. Contact your State financing depatment about what they offer, read up on the guide lines first, see if your a good fit.
 
Here is a good place to start, click the link below.  

Good Luck!   


http://www.nchfa.com/homebuyers/hbwhatweoffer.aspx#top
  • March 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Outer Banks N C
1st time loans are a misnomer and don't really mean what they imply. They should be called Home loans for those that have not had one in a while. Your mom is correct. Often the 1st time home loans mean they are for people that have not had a loan in 5 years or so. The time period varies, so you should be calling a couple loan officers and asking about these things to see what you qualify for.
  • March 02 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
In certain areas there are special first time home buyer programs that you may be eligible for that may help with a down payment.   Loans are not specialized for "1st time loan". 

If your credit scores are not good, and you have no down payment, perhaps it is better to identify what steps are necessary to build both of those up before thinking of purchasing.  
  • March 02 2013
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.