What Is Considered A First Time Home Buyer

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For mortgage programs, the definition of a first-time home buyer is usually altered to mean someone who hasn’t owned a home in the past three years. Special first-time buyer mortgage programs offer preferred terms to such buyers.

A first-time homebuyer is an individual who meets any of the following criteria: An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).

First-Time Homebuyer Definition: An individual who has never owned a home before. An individual who has not owned a home for at least three years is also considered a first-time homebuyer. For couples, if one spouse is a homeowner but the other spouse has never owned before, then, according to the FHA, both spouses are considered first-time homebuyers.

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Every first time homebuyer should know about FHA, VA, USDA, Conventional. and roommates) may be considered as a compensating factor.

According to the rules, a first time home buyer can include someone who has. march 25, 2011. Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications.

There are many loan programs and grants that cater to first-time home buyers, especially on the state and local levels. While a person who has never owned a home before certainly counts as a first-time home buyer, those who have owned a home before can also qualify as first-time home buyers under certain circumstances.