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First time buyer loan for my wife?
my wife and I have been in our current home for about 15 years. I bought this home prior to our marriage and it’s fully in my name. We are looking to buy a home And keep our current home as a rental property. My wife and I have good credit and she has a decent job making about 80k a year but I am the main bread winner of the family. My question is can she qualify for a first time home buyer in Update New York? and if so could I be a co-signer and she would still qualify?
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1 Reply
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Even if you have a house in Upstate New York, your wife might still be eligible for first-time homebuyer programs. Here’s what we’re talking about:
Definition of a First-Time Homebuyer
Typically, individuals are considered first-time homebuyers if they haven’t owned a home within the past three years. Your wife has never owned any residential property under her name. So she could be regarded as such even when you’ve been an owner.
Qualification Standards for First-Time Homebuyer Programs
Single Application: If your wife files for a mortgage alone, she stands a high chance of qualifying as a first-time homebuyer. Her earnings level, credit rating, and debt-to-income ratio will largely determine this.
Joint Application: Nevertheless, whether or not co-signing with you would still enable her to qualify for first-time homebuyer status depends on particular program requirements. Some schemes may disqualify her from applying if another homeowner acts as a co-signer, while others could allow it provided she meets additional criteria.
Co-Signing Considerations
Debt-to-Income Ratio: Your income and debts will also be factored into the computation when you decide to become her loan co-signer, affecting either positively or negatively, depending on how strong or weak both are financially.
Ownership Structure: If both your names appear as owners on the new property, then this might affect her entitlements to enjoy the benefits accorded to those buying homes for their very first time in life upstate New York through different programs run by various institutions or government agencies at local levels.
Programs in Upstate New York
SONYMA (State of New York Mortgage Agency): This agency offers lower interest rates plus down payment assistance, among other things, designed exclusively for people purchasing properties for the first time within certain income brackets, so they may allow her to provide she applies alone, but through them.
Local and County Programs: Check out county-specific and city-based incentives that target fresh entrants into the real estate market upstate New York.
If she decides to make an individual application, then there is a high likelihood that your wife will benefit from first-time homebuyer programs in Upstate New York. However, co-signing should only be ruled out partially as it may still help her qualify depending on rules set by various schemes. Therefore, one would need advice from lenders dealing with such products to pick the best option.