Wasting First Time Home Buyers Loan

1 Reply

Hi, I’m wondering if I start investing. Let’s say wholesaling; when I take out a loan to pay, am I using my first time home buyers loan?

Can I buy a condo without using my first time home buyers loan?

The reason I'm asking is because I want to start REI but don't want to use my first time home buyers ability because I'm waiting for my annuity to get $100k in so I can put down on a house.

When I take out my annuity to buy a house they don’t charge me ANY fee to take out my annuity.. And that would be a nice down payment on a house

The very first property I bought was an investment property. I bought my personal residence (a 4-plex house hack) second. So I was not eligible for first-time home buyer programs or special programs. 

The thing is that those programs would neither make or break any of the deals I have done and there are a multitude of programs available no matter if you are a first -time buyer or not. 

If the first-time home buyer program fits into your investment strategy then use it. If not, do not go out of your way, passing on good deals or waiting years longer just so you can save a couple grand on closing costs.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you