Why do I have to reside in a home within 3 months to qualify as a first time home buyer?

Question

I'm in the military stationed overseas. I want to purchase a home in the states but am being told that because I won't be physically living in it within the next 3 months I don't qualify for any first time home buyer incentives. Is this true or am I being fed a line? I don't plan on renting either and will be making all the motgage payments.

Answer 1

In order to qualify as a first-time homebuyer, you have to owner-occupy the residence.  If you do not owner-occupy the home, you're considered an investor and can't qualify for first-time homebuyer programs.  To qualify as an owner-occupier, you typically need to live in the house for at least the first 12 months.  I haven't heard of the 3 month move-in qualifier, but I would imagine that's the deal.