FM SFLP.First Time Home Buyer Indicator

Definition

First Time Home Buyer Indicator: An indicator that denotes if the Borrower or co-borrower qualifies as a first-time homebuyer.

Notes

• An individual is to be considered a first-time homebuyer who:
  • is purchasing the property;
  • will reside in the property; and
  • had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the property.
• In addition, an individual who is a displaced homemaker or single parent also will be considered a first-time homebuyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.
• Valid Values:
  • Y = Yes
  • N= No
  • Null = Unknown.
• The field belongs to the FM SFLP Template

Field Characteristics

• FM SFLP Field Index: 26
• Column Label: FIRST_FLAG
• Data Type: Choice
• Data Maximum Length: X(1)

Disclaimer

This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates