What Is a First Time Home Buyer?

First, let’s here’s a definition of a first time home buyer. According to the Federal Housing Authority (FHA), a division of the U.S. Department of Housing and Urban Development (HUD), a first time home buyer is:

  • someone who has never owned a home before
  • someone who has not owned a home for at least three years
  • a couple with one who has never owned before and one who is a homeowner
  • a displaced homemaker who has only ever owned a home with her husband
  • a single parent who has only owned with a former spouse
  • someone who has owned a home that was not a permanently affixed to a foundation, such as a mobile home
  • someone who has owned a home that does not comply with local and state building code requirements and cannot be brought into compliance for less than the construction of building a permanent domicile

Check with Vic on the nuances of your unique situation to see if you qualify.