Would I qualify as a first-time home buyer?

[Youngwoon Han]

Hi all,

I got married last year and moved to another state following my spouse's job. Before the marriage, I purchased a house where I lived. I still own that house and use it as a rental. I would like to buy a home where my wife and I can live in the state that we moved into. This is my wife's first job, so she won't get much of $$ on her mortgage alone, but I want her to eventually get a mortgage under her name once she establishes her income in the next couple of years. Meanwhile, I want to try and get a mortgage under my name to buy a house here. Let's assume my income is large enough for me to get a decent size mortgage (which I am not sure and have to find out haha). My question is, in this circumstance, would I qualify for, one, FHA loan (the first mortgage is conventional); two, when I apply for pre-approval, can I not say it's my first home even if I qualify for an FHA (assuming I do). Generally, what would be the best option for me as far as looking to get another mortgage? I am planning on living in the house that I purchase.

Thanks in advance

[Caroline Gerardo]

First time home buyer to qualify for certain down payment assistance programs and loans is a person who has NOT owned for the past 36 months.

FHA doesn't require you to be a first time home buyer. There are also conventional loans that may be more suitable for you. Assuming you have the income for past two years to qualify. If wife recently graduated college then started a job her degree gives her the two year history.