Difference between revisions of "FM SFLP.First Time Home Buyer Indicator"
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== Definition == | == Definition == | ||
| − | <b>First Time Home Buyer Indicator</b>: An indicator that denotes if the | + | <b>First Time Home Buyer Indicator</b>: An indicator that denotes if the [[Borrower]] or co-borrower qualifies as a first-time homebuyer. |
== Notes == | == Notes == | ||
| − | An individual is to be considered a first-time homebuyer who: | + | * 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. | * 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 | |
| − | Valid Values: | + | ** N= No |
| − | + | ** Null = Unknown. | |
| − | * Y = Yes | + | * The field belongs to the [[FM SFLP Template]] |
| − | * N= No | ||
| − | * Null = Unknown. | ||
| − | |||
| − | |||
| − | The field belongs to the [[FM SFLP Template]] | ||
== Field Characteristics == | == Field Characteristics == | ||
Revision as of 17:51, 16 May 2024
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
