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

Estimated reading time: 3 minutes

Did you know that you may be considered a first-time buyer even if you have purchased a home before? It’s true! You may be the beneficiary of some pretty great lending and financial assistance programs if you meet any of the criteria below, whether you’ve owned a home in the past or not. Read on to see if you may meet any of the qualifications.

The U.S Department of Housing and Urban Development (HUD) defines a “first-time home buyer” as someone who meets any of the following conditions:

  • 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).
  • A single parent who has only owned a home with a former spouse while married.
  • An individual who is a displaced homemaker and has only owned a home with a spouse.
  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
  • An individual who has only owned a property that was not in compliance with state or local building codes and still cannot be brought into compliance for less than the cost of constructing a similar permanent structure.

If you meet any of those criteria, some of the benefits you may be eligible for include:

  • Lower interest rates than those offered to repeat buyers to encourage them to plunge into homeownership.
  • Down payment assistance programs that cover a portion of their down payment, making it easier to buy a home
  • Assistance with closing costs that can be a significant expense for homebuyers.
  • Flexible credit requirements that allow first-time homebuyers to qualify for a mortgage even if their credit history is not all that great.
  • Educational resources that include seminars, workshops, and online resources to help them successfully navigate the home-buying process.
  • Special Loan Types

Not all lenders offer the same benefits, and not all states offer the same programs, so it’s best to shop around and compare offers from different lenders to find the one that best meets your needs. Better yet, I also work with excellent, knowledgeable mortgage loan specialists and can recommend the ones who best fit your situation. Just let me know!