investment loan canceling first-time home buyer loan?

Question

I am trying to use either a vacation home loan or an investment loan out of state. We live in our current home about to move to our next home in Colorado and something we never considered was I can use my first-time home buyer loan to buy our primary residence. Question being; if we both use a vacation home loan, or an investment property loan first does that exempt me from a first-time home buyer loan?

Zeona McIntyre · Answer

What price point are you buying your next owner-occupied home in? If it is under the jumbo limit, a bank in Colorado offers a loan with incredible terms:

-3% down

-no PMI

-up to 3K towards closing costs

-.5% lower interest rate

I'm happy to connect you if you want more details.

Adam Bartling · Answer

@Keith Howes First Time Home Buyer Programs are available to anyone who has not owned a home in the last 3 years. Typically you are looking at less than $4,000 in reduced cost.

All depends on your strategy, do you want to keep your first home ? Are you wanting a lower payment? Therefor putting more $ down.

Do you want to put as little down? I would suggest 10 min with one of those loan professional types.

Erik Estrada · Answer

By first time home buyer loan what are you referring to?

If it is FHA, they only allow 1 per person and you do not need to be a first time home buyer.

investment loan canceling first-time home buyer loan?

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