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

Jerry Maggiore
  • Goshen, NY
Posted Jul 26 2019, 03:03

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

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Michael Henry
  • Rental Property Investor
  • Palm Bay, FL
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Michael Henry
  • Rental Property Investor
  • Palm Bay, FL
Replied Jul 26 2019, 03:48

@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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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied Jul 26 2019, 06:04

You are assuming there IS a first time home loan program available, that you might lose. Most of these programs, if they exists, usually just help with your down payment, nothing else....so it eouldn’t Hurt you anyway. 

BTW, fha and all the other normal loans have No 1st time home buyer restrictions. 

Also, you don’t need to post the same question 3 or 4 times. 

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32
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Jerry Maggiore
  • Goshen, NY
6
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32
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Jerry Maggiore
  • Goshen, NY
Replied Jul 26 2019, 08:04

@Wayne Brooks

Well I’m getting different answers from everyone so I can post it how many times I want . Sir

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied Jul 26 2019, 09:58

@Jerry Maggiore Yeah, you can post the same question as many times as you like....it just tends to make us ignore all future questions. 

You’re better off anyway with all the discussion and answers in one thread. 

Best of luck