When Are You Considered a First-Time Homebuyer Again?

"When are you considered a first-time homebuyer again? Typically, you're considered a first-time homebuyer again if you have not owned a primary residence for at least three years. There are several additional reasons you may qualify as a first-time homebuyer again, which we'll explore below. Some first-time homebuyer programs have different definitions of "first-time homebuyer," so check with the specific program before proceeding."

"There are other reasons you may qualify as a first-time homebuyer twice. Let's take a look at them: You haven't owned a primary residence for 3 years: This means if you owned a home, but sold it and rented for 3 (or more) years, you can be considered a first-time home buyer again. If you're buying with another person, only one of you needs to meet the criteria to use most first-time home buyer programs."

Typically, a person qualifies as a first-time homebuyer again after not owning a primary residence for at least three years. Some programs allow exceptions for single parents buying alone, displaced homemakers, or other special situations. When buying with another person, only one buyer often needs to meet first-time criteria for program eligibility. First-time homebuyer benefits can include down payment assistance, closing-cost help, and lower interest rates. Program definitions and eligibility rules vary by lender and assistance program, so prospective buyers should verify specific requirements before applying for benefits.

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