Difference between revisions of "FM SFLP.First Time Home Buyer Indicator"
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== Definition == | == Definition == | ||
| − | <b>First Time Home Buyer Indicator</b> | + | <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 == | ||
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== Field Characteristics == | == Field Characteristics == | ||
* FM SFLP Field Index: 26 | * FM SFLP Field Index: 26 | ||
| + | * Column Label: FIRST_FLAG | ||
* Data Type: Choice | * Data Type: Choice | ||
* Data Maximum Length: X(1) | * Data Maximum Length: X(1) | ||
Revision as of 15:14, 17 January 2023
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.
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
