Surprise – You Could Still Be Considered a First Time Buyer!

Maybe you’ve owned a home before, life took you somewhere else for a while, and now you’re beginning to think about owning again. Here’s something you may be happy to hear: under some programs, you could still qualify as a first-time homebuyer. If you haven’t owned a principal residence within the past three years—or meet certain other program requirements—there may be assistance and financing opportunities worth exploring.

People arrive at homeownership from all kinds of places. Maybe you sold a home several years ago. Maybe your circumstances changed after a marriage or divorce. Maybe you’ve been renting for a while and are finally ready to have a place of your own again. Whatever brought you here, don’t assume that owning a home in the past automatically takes first-time-buyer opportunities off the table.

Some programs use a three-year rule, meaning you may be considered a first-time homebuyer if you haven’t owned a principal residence during the previous three years. Certain programs may also include provisions for single parents, displaced homemakers, or other previous ownership circumstances. Because each program can define eligibility differently, it’s worth finding out what applies to you.

  • If it’s been at least three years since you owned your principal residence, there may be programs worth exploring.
  • If your previous ownership situation was connected to a former spouse or another special circumstance, ask whether the program has provisions that may apply.
  • Most importantly, don’t assume you’re ineligible without checking the requirements of the particular program.

If you do qualify, there may be some helpful opportunities available:

  • Low-down-payment options that may make saving for your next home a little easier.
  • Down payment assistance that may be available through qualifying programs in your area.
  • Closing cost assistance that could help with some of the additional expenses of buying.
  • Special conventional financing options for buyers who meet the applicable requirements.
  • Homebuyer education and counseling that can help you feel more comfortable and prepared along the way.
  • State and local programs that may offer additional help based on your circumstances and where you’re buying.

There may be other financing possibilities as well. FHA and USDA loans, for example, aren’t limited to first-time buyers, so a knowledgeable mortgage professional can help you look at the bigger picture and determine which programs fit your circumstances.

Buying a home again can feel surprisingly different from buying the first one. Your life may have changed, your priorities may be different, and the financing landscape may have changed too. You don’t need to know every program or have all the answers before you begin. If owning a home is something you’re ready to think about again, I’m here to help you find out what’s possible—and when you’re ready, help you find the place that feels like home again.