If your Missouri driver or nondriver license or instruction permit is expired more than 6 months (184 days), you do not qualify for this exemption. The exemption also does not pertain to those obtaining a new instruction permit, driver license, or nondriver license.
One of the FHAâs primary criteria is whether or not youâve owned a home. If youâve never owned a home, youâre considered a first-time homebuyer. But you are allowed to be a previous homeowner and still qualify as a first-time homebuyer. According to the FHA, you can do so if you have not been an owner in a primary residence for at least three years leading up to your purchase.
Income. One of the most important qualifications for a first-time home buyer is a steady income. A buyer's income (or the combined income of a couple, if both are buying the home jointly) will determine the amount of the mortgage lenders offer, which in turn sets the price range that is realistic for you. New home buyers should also have a reasonable degree of job security.