• 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. 

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.