Does being on the mortgage only mean I own the home?
by Mortgage Rates on Saturday, October 23rd, 2010 | 6 Comments
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Being on the deed means you own. Being on the promissory note and mortgage means you owe. You still qualify as a first time homeowner. Double check with your lawyer, title company, or realtor. They are trained in these matters specific to your state’s laws.
If you lived in the house, you had equitable ownership even if you weren’t on the deed.
You qualify as a “first time” buyer. Being on the mortgage usually means the bank insists that you are also on the deed. Very unusual to be on the mortgage without being on the deed…. the worst of all worlds: you owe the money on something you don’t own.
I think you were on the deed..
If you are just on the Note = The mortgage you only have the financial responsibilities basically meaning you were a co-signer if you were on the deed = The property that means you owned the home & had property rights (once paid off) so you would qualify for the first time homebuyer programs out there!
Good Luck
Give it a shot, but the answer may go against you.
You are not a first-time home buyer if your name has been on the mortgage of any home in the last 3 years.
This will be evidenced by the credit report.
Whether or not you are on the deed is not relevant.
PS: If you need to do an FHA loan, you can still do that. FHA loans are not only for first-time buyers…that is a myth.