If my fiancé owns a home and I am a first time home buyer, can we still take advantage of FHA Loans.?
My fiancé has owned his home since 2004, and purchased it then for 127,000 its now estimated at 96,000, and he owes 110,000 on the mortgage. We want to be a larger home list price 169,000. Since I am a first time home buyer I want to take advantage of the lower interest rate and down payment offered for FHA loans and any first time home buyer assistance programs. We’ll need to apply for the mortgage together because my income alone will probably not be enough to qualify for the mortgage needed for the home we want. I do have good credit and his is fair. So my question is, would we qualify as first time homebuyers since I’ve never owned a home if I am the primary borrower and what would be the best way to do everything since like many people he is upside down in his mortgage and will probably have difficulty selling his home quickly?