HUD의 최초 주택 구매자(A first-time homebuyer ) 정의
Contrary to what it may sound, individuals who were previously homeowners may be eligible for the First Homebuyer Housing Program under certain circumstances.
To broaden our understanding of who first-time homebuyers are, let's review the definition provided by the US Department of Housing and Urban Development (HUD).
A first-time homebuyer is an individual who meets any of the following criteria:
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
- A single parent who has only owned with a former spouse while married.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation [eg, mobile/manufactured home] in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local, or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
[Source: HUD HOC Reference Guide, First-Time Homebuyers]
A first-time homebuyer is an individual who meets one of the following criteria:
- An individual who has no title to his or her primary residence for three years ending on the date of purchase of the real estate. This includes your spouse (if either one meets the test above, you are considered the first homebuyer).
- A single parent-owned only by an ex-spouse while married.
- displaced homemaker (a person who is owned only with a spouse).
- An individual who owns a primary residence that is not permanently attached to a permanent foundation (eg, mobile home/process home) in accordance with applicable regulations.
- An individual who does not comply with state, local, or model building codes and owns only real estate that cannot be complied with at a cost less than the cost of constructing a permanent structure.
[Source: HUD HOC Reference Guide, First-Time Home Buyers]
HUD's First-Time Homebuyer Definition (continued)
HUD's list of first-time homebuyers introduces a few terms that may need definitions. For homebuying purposes, HUD defines a displaced homemaker as an adult who has lost a livelihood due to divorce, separation, death of her husband, incapacity, etc. You are currently unemployed or underemployed.
A displaced housewife means an individual who:
- are you an adult
- I did not work full-time in the workforce for many years, but during that time I worked unpaid primarily to care for my home and family,
- You are unemployed or underemployed and are having trouble finding or upgrading employment.
To qualify for the First-Time Homebuyers Program, the displaced homemaker must no longer be supported by the income of another family member (such as the ex-spouse) upon whom the displaced homemaker was previously dependent.
example
Andrea was a full-time housewife during their marriage, and by the time they divorced, their children had grown and moved. She said that Andrea wanted her to buy a house, but she was worried that she could not buy a house on her single income. She didn't think she was eligible for her first homebuying program because she owned a home with her ex-spouse for several years during her marriage her. She learned from her lenders that she was considered a "first-time" homebuyer due to changes in her living circumstances following her divorce from her lenders.
A single parent is defined as a person who is single or legally separated and has custody or joint custody of a minor child or is pregnant.
[Source: Code of Federal Regulations, Title 24 § 92.2, Definitions]
All lending guidelines for qualified mortgages (mortgages that have a safe harbo when the lender finances the loan ) require the borrower to document the purchase price/stable income sufficient to cover the loan amount.
Non-qualifying mortgages are not rigorous in documenting their repayment ability (which is generally not considered good for the overall housing market), so they do not qualify for federal protection or qualifying mortgages, but such mortgages do not exist. You are not eligible for first-time homebuyer benefits. Additionally, they often have fairly high-interest rates and require a down payment of 20% or more with few exceptions.
If income stability does not meet the loan guidelines (which may vary depending on the loan program and the borrower's current and past employment), the borrower will likely not be eligible for a basic loan even if the conditions are met. Definition of first-time homebuyers.
It is important to work with a lender who understands the eligibility for the First Home Buying Program.
#,What is HUD HOME ..... What is HUD Home? HUD Home is Housing Urban Development (U.S. Department of Housing) that sells government-owned houses. HUD owns the property if the previous owner got an FHA or VA (Government Guaranteed Loan) loan and foreclosure due to failure to pay payments while living there.
#USDeoartment of housing and urban development Homepage
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