REAL ANSWERS

Q: Can I qualify for first-time buyer assistance programs if I inherited a share of a rental property two years ago? I have not been living in the house.

A: Yes, as long as you meet the individual lender’s definition of a first-time home buyer.

One of the most flexible is the California Housing Finance Agency, which makes mortgage loans to borrowers who currently own another property as long as it is not their primary residence.

“If you inherited a piece of property you did not live in, or were renting it out, you would qualify for a CHFA loan,” said Jeannie Buchanan, a spokesperson for the agency in Sacramento.

Other lenders generally define a first-time home buyer as someone who has not owned any real estate--whether a personal residence, vacation home or investment property--during the past three years.

“Because of this definition, it’s perfectly possible for someone to have once owned a property, rented for awhile and to now qualify as a first-time buyer for a program that features little money down and low rates,” according to guidelines from the Federal National Mortgage Assn., Washington, D.C.

Meanwhile, Sanwa Bank of California sets the time limit at seven years before a previous homeowner can be reconsidered as a first-time buyer, said Keith Karpe, vice president/media relations manager, Los Angeles.