I Inherited A Home, Now I Want To Buy. Am I a First Time Buyer?
If you own a property (even if it is inherited) AND it is your primary residence, you are not considered a first time home buyer. If you own the property but do not live there, you may still be considered a first timer.
If you choose and need down payment assistance, you may be able to purchase in a targeted area (I can show you where to find this information) as long as you are not on title to the inherited property at the time of purchase. If you are on title, the property would have to be sold or refinanced or quit claimed out of your name PRIOR to the purchase.
For title purposes, if you are on title to a home you inherited, you would not be eligible for the waiver of the Maryland state transfer taxes afforded to first time buyers. If you have not taken title or have not owned (and occupied) the property in Maryland in the last three years, the state transfer tax will be waived.
I Inherited A Home, Now I Want To Buy. Am I a First Time Buyer?
Warm Regards,
Bridget McGee Maryland Mortgage Mama NMLS# 196068 Corridor Mortgage Group. 410-960-2061 EHO bmcgee@corridormtg.com or marylandmortgagemama@gmail.com
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.
