Originally posted by @Nestor Grajeda Jr :
Hey BP. Thank you in advance for your time in answering my question.
I do not own a home of my own yet. So I have not used my first time home buyer chance of obtaining a loan. I’m looking at a couple of investment properties so my question is if I have the cash for the down payment on an investment, can I save my first time home buyer 3-5% down so when I am ready to buy a home of my own?
Point of clarity:
If you have an ownership in any residential real estate, within the last 3 years, the mortgage industry will not consider you a first-time homebuyer. Even if it's a rental, and even if the IRS does consider you a FTHB.
However, 3% and 5% down conventional options are NOT limited to FTHB.
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