I bought a townhome with my friend, and i wish i would’ve got rental property first. What steps can i take to get a rental property since I’m no longer a first time home buyer. (Financing)
Hi @Sydni Davis and welcome to BiggerPockets!
Good news: Just because you bought a townhome doesn't mean you can never be a first-time home buyer again [see https://www.fha.com/define/fir...]!
So, if you sold the townhome and then rented for three years, you could once again be considered a first-time home buyer.
Or, if you were to marry someone who was a first-time home buyer, you both could purchase together as a first-time home buyer.
In my experience, you can get the same benefits FHA gives you (ie, 3.5% down) from the banks directly.. and to the banks, the more houses you already own, the better 🙂
Agreed, "first time home buyer" programs are just local incentives, if they exist at all. FHA and conventional loans are available to anyone, not just first time home owners.
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