Question on the 3 year rule to qualify for 1st time home buyers

[kal el]

Hello Mortgage Forum ,

 

I was reading and I am trying to figure out if my wife can qualify for first time home buyers. I want to know what this paragraph means.

 

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

 

 

 

I have never owned a home so I know I qualify but my wife bought a house in 2003 and moved out 7/08 but still owned the house jointly until it was sold 9/09.

 

 

I was wondering when she would qualify technically? I'm just hoping it's not 10/12 like I think it is.

[jop3]

If the home wasn't her primary residence, you can use the move out date of 07/08. Although, it's really going to be up to the underwriter of the program you're trying to qualify. I would verify with them.

[kal el]

thanks

 

so it is possible,so I take it this something we can ask them before we get too deep in the process?