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Updated over 5 years ago on . Most recent reply

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32
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6
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Jerry Maggiore
  • Goshen, NY
6
Votes |
32
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Buying first house/condo WITHOUT using first time buyers loan

Jerry Maggiore
  • Goshen, NY
Posted

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 soon. And that would be a nice down payment on a house

Most Popular Reply

User Stats

75
Posts
53
Votes
Michael Henry
  • Rental Property Investor
  • Palm Bay, FL
53
Votes |
75
Posts
Michael Henry
  • Rental Property Investor
  • Palm Bay, FL
Replied

@Jerry Maggiore once you take out any mortgage you are no longer a first time home buyer so you won't qualify for that program after buying an investment property. UNLESS the loan is under an LLC.

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