First-time home buyer mortgage rates affected by DVC

[marthasunny]

We currently rent an apartment and have never bought a home. Our first real estate purchase will be in the Disney Vacation Club. We're hoping to purchase a house in about 2 years. In New Jersey, individuals can quality for special mortgage rates if they're first-time home buyers. By buying into the DVC, will we automatically no longer be first-time home buyers? In other words, will be loose our ability to quality for first-time home buyer mortgage rates?

 

[RobDoc]

If you use Disney's financing, it could affect your ability to take advantage of the local financing. It might be wise to consult a local CPA or mortgage lender who can answer your question as it pertains to the specifics for your situation. I would definitley get that answer before doing anything regarding DVC - but it also depends on the details of the first-time-buyer mortgage.

Good luck with your decision.

 

[Doctor P]

The odds are that you will be fine, but Doc's advice is sound and should be followed. Most first-time home buyer programs have loopholes even for those who have owned real estate before and most programs are aimed at primary residences in any case (my first real estate purchase was through Massachusett's program of this type--I would have qualified again in Illinois because it had been so long since I owned a primary residence and rented for several years before buying again). In addition, your Disney mortgage, if purchased directly through Disney does not appear on your credit report (except as an inquiry). Good luck! Do get the professional advice Doc suggested, though.

 

[Anthony1971]

I would agree to seek advice from a local CPA. I lived in NY now in NJ so I do not know the details of first time buyers in NJ but did do this in NY.. you sould call NJ Gov. offices or research on the internet and be familiar with what they offer and to who as a CPA may not be aware of all and he/she can only research the programs you or he are aware of. You do not want the CPA to spend hours on your $ researching what is avialable. The Gov't offices have been helpful in the past when I have called....