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My significant other and I live in a singlewide mobile home my mother gave us 10 years ago. Both his and my name are on the title. We never paid a mortgage because while the home was a gift from her, we had to put something in Sale Price so it was $1. Not gonna mortgage that! (Can you imagine? haha!)

Because it's still in our names, does this negate our First Time Buyer status since we technically currently own a home? Or because it's been 10 years and/or we've never had a mortgage, do we still qualify?
asked Dec 29, 2017 in Buying a Home by Wendy

2 Answers

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Hello, Wendy, and thank you for writing.

For most mortgage programs, including government-backed loans like FHA or USDA, you would be considered first-timers, as long as your home is not on a permanent foundation and classified as real estate. Single wide mobile homes are generally considered personal property, not real estate. This article explains how most government programs look at borrowers to determine if they are first-timers or not:

https://themortgagereports.com/32343/are-3-down-mortgage-programs-for-first-time-homebuyers-only
answered Dec 31, 2017 by GinaPogol (39,300 points)
edited Jan 4 by GinaPogol
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The definition of first time home buyers under mortgage guidelines are folks who did not gave ownership in any property for past 10 years. Mobile homes are not classified as real estate.  Manufactured Homes on a concrete foundation is considered real estate.

Gustan Cho NMLS 873293
The Gustan Cho Team at USA MORTGAGE
answered Feb 6 by GustanCho (107,040 points)
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