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 [[Borrower]] or co-borrower qualifies as a first-time homebuyer. | <b>First Time Home Buyer Indicator</b>: An indicator that denotes if the [[Borrower]] or co-borrower qualifies as a first-time homebuyer. | ||
| Line 20: | Line 19: | ||
* Data Type: Choice | * Data Type: Choice | ||
* Data Maximum Length: X(1) | * Data Maximum Length: X(1) | ||
| + | * Temporal Classification: Acquisition | ||
| + | * Data Category: Counterparty | ||
| + | |||
| + | == Implementation == | ||
| + | * [https://github.com/open-risk/openNPL openNPL repository] | ||
| + | |||
| + | == Learn More == | ||
| + | * [https://www.openriskacademy.com/course/index.php?categoryid=37 Mortgage Modeling Courses] | ||
| + | |||
| + | == Discuss == | ||
| + | * [https://www.openriskcommons.org/c/academy/mortgage-modeling/35 Commons Mortgage Modeling Discussions] | ||
| + | * [https://www.openriskcommons.org/c/open-source/opennpl/13 Commons openNPL Discussions] | ||
== Disclaimer == | == Disclaimer == | ||
Latest revision as of 14:41, 17 May 2024
Contents
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)
- Temporal Classification: Acquisition
- Data Category: Counterparty
Implementation
Learn More
Discuss
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates
