First Time Home Buyer, but Already Own a Home?

[John McCurley]

Hi, 

I am a 24-year-old recent college grad living and working in Dallas, Texas. When I was about 18, my parents bought a house in my name. My parents paid cash, and the home was set for me to move in after college. However, my job after college took me to Dallas, Texas and the home is too far for me to reasonably drive daily. Ideally I would like to find a duplex in the Dallas/ Fort Worth area and finance, but I am worried I may not be able to take advantage of first time buyer programs because I technically already have a house. Does anyone have a similar experience or any insight into this? 

FYI: I intend to live in the duplex while I finance - or at least for a few years.

Any help is appreciated!

[Brooke Noth]

Hi @John McCurley ! Welcome to BP! That's a good question. If you are on title to the property, than that would be considered your 1st home, even if it was purchased in cash. The lender would be able to see this when searching for title. If you haven't been on title in the last 3 years on a property, you'd be considered a 1st time homebuyer. 

That being said, while the 1st time homebuyer programs are nice for purchases, there are several programs that are beneficial for multifamily house hacks and don't require that you be a 1st time homebuyer. These can include grants, FHA financing, special program conventional loans, etc.