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When are you considered a first-time home buyer again?
According to the National Association of Realtors, the average first-time home buyer is 32 years old. But what about second-time and third-time home buyers? When does the clock reset and you become a first-time home buyer again? It turns out, there are a few different scenarios in which you can be considered a first-time home buyer again. So whether you’re looking to buy a home for the first time or you’re an experienced buyer, read on to learn more about when you’re considered a first-time home buyer again.
The waiting period to be a first-time home buyer again
The answer to this question depends on the mortgage program you are using. Some programs, like FHA loans, do not have a waiting period after a foreclosure. Other programs, like Conventional loans, require a 7-year waiting period after a foreclosure.
Tips for those who want to buy a home again
If you’re hoping to purchase a home again after having owned one in the past, there are a few things you should keep in mind. Here are a few tips for those who want to buy a home again:
1. Check your credit report and score. Lenders will take a close look at your credit history and score when considering you for a loan, so it’s important to make sure everything is accurate and up-to-date. You can get a free copy of your credit report from each of the three major credit bureaus once per year at AnnualCreditReport.com.
2. Save for a down payment. Unless you’re lucky enough to qualify for a no-money-down mortgage program, you’ll need to have saved up for a down payment on your new home. The minimum down payment required by most lenders is 5%, but putting 20% down will help you avoid private mortgage insurance (PMI).
3. Get pre-approved for a mortgage loan. Once you’ve checked your credit and saved up for a down payment, the next step is to get pre-approved for a mortgage loan from a lender. This will give you an idea of how much money you’ll be able to borrow and what interest rate you can expect to pay.
4. Find the right real estate agent. When you’re ready to start looking for homes, it’s important to find an experienced real estate agent who can help guide you.
How to make the most of your new home
Making the most of your new home means creating a space that suits your needs and reflects your personal style. Whether you’re moving into a starter home or upgrading to a forever home, there are ways to make the most of your new digs.
Here are some tips for making the most of your new home:
1. Start with a blank canvas. When you move into a new home, it’s like starting with a blank canvas. You have the opportunity to create a space that is entirely your own. Use this opportunity to express your personal style and create a space that feels like home.
2. Make it functional. Your home should be both stylish and functional. Take inventory of your belongings and figure out what you need to store them in an organized way. Don’t forget to leave some extra space for future purchases!
3. Add personal touches. One of the best ways to make your house feel like home is to add personal touches throughout. From family photos to art work, adding personalized details will make your house feel like it was made just for you.
4. Get comfortable. Your new home should be a place where you can relax and unwind after a long day. Make sure your furniture is comfortable and inviting, and take time to personalize your space in way that makes you happy.
5. Enjoy the process! Moving into a new home is an exciting time filled with possibilities.
Conclusion
If you’re thinking about buying a home again after previously owning one, it’s important to know when you’ll be considered a first-time home buyer again. Depending on the program you choose, you may not have to wait as long as you think. Keep in mind that being a first-time home buyer comes with its own set of perks and benefits, so if you qualify, take advantage of them!
