• Home
  • The Definition of a First Time Home Buyer

What is a First-Time Home Buyer?

A first-time home buyer is someone who has never owned a home before. This includes people who have never owned a home in their own name, as well as people who have owned a home with a spouse or partner who is not on the mortgage.

Who Qualifies as a First-Time Home Buyer?

The definition of a first-time home buyer can vary depending on the lender or government program. However, in general, most lenders consider someone to be a first-time home buyer if they have not owned a home in the past three years.

What Are the Benefits of Being a First-Time Home Buyer?

There are several benefits to being a first-time home buyer. These benefits can include:

  • Down payment assistance: Many government programs offer down payment assistance to first-time home buyers. This can help borrowers purchase a home with a lower down payment.
  • Lower interest rates: Some lenders offer lower interest rates to first-time home buyers. This can save borrowers money on their monthly mortgage payments.
  • Tax breaks: There are several tax breaks available to first-time home buyers. These tax breaks can help offset the cost of buying a home.

How to Qualify for First-Time Home Buyer Programs

To qualify for first-time home buyer programs, borrowers must meet certain eligibility requirements. These requirements can vary depending on the program. However, in general, borrowers must meet the following requirements:

  • Have a good credit score: Most lenders require borrowers to have a credit score of at least 620 to qualify for a first-time home buyer program.
  • Have a steady income: Borrowers must have a steady income that can support the monthly mortgage payments.
  • Meet the down payment requirement: Most first-time home buyer programs require borrowers to make a down payment of at least 3.5% of the purchase price.

How to Find First-Time Home Buyer Programs

There are many different first-time home buyer programs available. To find a program that is right for you, contact Tried & True Home Loans to learn about the many options available. 


By proceeding, you expressly consent to receive texts at the number you provided, including marketing, from Rise Realty about real estate related matters, but not as a condition of purchase. Message frequency varies. You can text Help for help and Stop to cancel. You also agree to our Terms of Service and to our Privacy Policy regarding the information relating to you. Message and data rates may apply.

Additionally, you expressly consent to receiving calls at the number you provided, including marketing by auto-dialer, pre-recorded or artificial voice, and email, from Rise Realty about real estate related matters, but not as a condition of purchase. This consent applies even if you are on a corporate, state or national Do Not Call list.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.