Updated: Jan 8
This just might surprise you because it's just for the past three years. A borrower could not have had an ownership interest in their principal residence in the last three years. Usually, we identify ownership interest as whether or not they're on title, right? So a borrower cannot have been on title to their principal residence in the last three years. But there's a catch; Since California is a community property state, not only can a borrower not be on title, but they also cannot be married to someone who is on title to their principal residence because in California, even if they are not on title, even when they give up their rights to the property, there could be an implied interest in the property due to community property laws, even if they quit-claimed off. Now, let's look at the primary residence part of the definition. If a borrower has cosigned for a family member or inherited a property or they have a rental property, under all of these examples, they may have an interest in a property that is not their primary residence. If they can prove they live somewhere else, lenders will consider them first-time homebuyers!
If you area First time home buyer in Fremont, Newark, Union City, Hayward or a First time home buyer in Pleasanton, San Ramon, Danville, Dublin, Walnut creek or any surrounding areas and would like more info or to start the pre-approval process for a loan as a first time home buyer please give me a call.