Rural varies by state check the HUD website. YOur best bet would be to sell the existing home with a rent back clause and then go by the next home. You will need 3.5% down for a FHA loan and at least a 670 on the credit score.
In Virginia a First Time Buyer is one that has not owned a home in their name for 3 years.
Quote:
Originally Posted by bgmv90
Other questions, what is a rural area defined as? Does it vary by state? Also what if you own a home with no mortgage on it, but you want to buy a home in a different state first, move to it first, then sell the previous one....would you have to have a down payment then?
Thanks.
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