Life changes like a divorce often lead to new beginnings and new questions. One common question we hear is whether you can be considered a first-time homebuyer, even if you previously owned a home with your former spouse. For many Nebraskans, the answer might be yes, opening doors to valuable assistance programs. Mortgage Specialists is here to help you navigate this new chapter with clear, reliable guidance.
First-Time Homebuyer: What Does It Mean?
The term “first-time homebuyer” can be a bit misleading. It doesn’t always mean you’ve never owned a home before. In many cases, the definition applies to anyone who has not owned a primary residence in the past three years. This is a key detail for recently divorced individuals.
If you owned a home with your ex-spouse but have since moved out and have not been on the title for the last three years, you may regain your first-time homebuyer status. This rule is designed to help people re-enter the housing market after significant life events. Our team can help you review your specific situation to see if you meet this important three-year requirement.
Special Considerations for Divorced Individuals
Additionally, there’s another important exception that could help you qualify even sooner! Many programs, including those from the Nebraska Investment Finance Authority (NIFA), recognize a “displaced homemaker.” A displaced homemaker is someone who previously only owned a home with a spouse. If you fall into this category, you may be able to qualify for first-time homebuyer benefits without waiting the full three years. This provision is a huge advantage for those looking to establish their own home quickly.
How NIFA Can Help Nebraskans
For Nebraskans, NIFA offers fantastic programs specifically designed to make homeownership more accessible. As a qualifying first-time homebuyer, you could gain access to loans with competitive interest rates and down payment assistance. These benefits can significantly reduce the upfront financial burden of purchasing a home; therefore, this is especially helpful when you are managing your finances independently. We have the expertise to guide you through the NIFA application process, ensuring you can leverage every available resource.
Steps to Take on Your New Path
- Assess Your Finances: Start by getting a clear picture of your new financial situation. Review your income, savings, and any alimony or child support you receive. Understanding your budget is the first step toward confident homeownership!
- Check Your Credit: Your credit score is a major factor in qualifying for a mortgage. Obtain a copy of your credit report to check for any errors or joint accounts that need to be addressed post-divorce.
- Explore Your Loan Options: From Conventional loans to NIFA programs, there are many paths to financing your home! We’ll walk you through each option, making the process simple and straightforward.
Starting over can feel challenging, but you don’t have to do it alone! Mortgage Specialists is here to provide the support and expertise you need to confidently step into your new beginning as a homeowner.
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