Difference between revisions of "FM SFLP.First Time Home Buyer Indicator"

Latest revision as of 16:15, 11 March 2023

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

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:

The field belongs to the FM SFLP Template

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

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 == 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.
+An individual is to be considered a first-time homebuyer who:
-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.
+* (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