FM SFLP.First Time Home Buyer Indicator

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
• 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