FM SFLP.First Time Home Buyer Indicator
From Open Risk Manual
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:
- (1) is purchasing the property;
- (2) will reside in the property; and
- (3) 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
