What does it mean to be a first-time homebuyer?

Did you know that there are several benefits to being a first-time homebuyer?
By: Rob Roland Realty
WAYNESVILLE, N.C. - Nov. 16, 2019 - PRLog -- Did you know that there are several benefits to being a first-time homebuyer? Did you also know that there are several definitions for being a first-time homebuyer, and you may be qualified? Qualifying as a  does not mean that you have never owned a home before. Let's take a look at what qualifies individuals for this status and why it is beneficial.

What is a first-time homebuyer?

The United States Department of Housing and Urban Development (HUD) sets the criteria for first-time homebuyers. Lenders look to these stipulations to identify consumers and extend benefits.

You can qualify as a first-time homebuyer:
  • If you have had no ownership in a principal residence during the three years ending on the date you purchase a property. This can also include your spouse, so if either of you meets these criteria, you are considered first-time homebuyers.
  • If you are a single parent who has only owned a home with a former spouse while married.
  • Those who are displaced homemakers and only owned a home with a spouse.
  • If you are someone who has only owned a principal residence not permanently fixed to a permanent foundation according to regulations.
  • If you have owned a property that is not in compliance with local and state building codes and cannot be brought into compliance for less than constructing a permanent structure.

Benefits of Being a First-Time Buyer

There are more benefits to being a first-time buyer of a home than just the immense pride that naturally follows when you have closed on the property.

Qualifying as a first-time buyer can give you access to grants, forgivable loans for closing costs, down payment assistance, federal tax credits, and low or no down payment loans.

These benefits help families throughout the United States to acquire property when they might otherwise feel it is out of reach for them. If you meet any of the criteria mentioned above, it is worth checking into your local and state programs.

Read about the requirements on our website:


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Tags:Real Estate Agent, Homes For Sale, First-time Buyers
Industry:Real Estate
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