You are about to purchase the first home to call your own. How exciting! Would you like to hear some more exciting news? For lending purposes, you may qualify as a first-time home buyer if you meet one or more of these conditions*:
- An individual or spouse who has not owned a primary residence for at least three years. This means married couples may qualify as first-time home buyers if one spouse meets this condition.
- A single parent who previously owned a home with a spouse during the marriage.
- An individual who has only owned a primary residence with no permanent foundation (a mobile home) in accordance with regulations that would apply to the buyer.
- Displaced homemakers whose only previous home ownership was with a spouse.
- A buyer who has only owned property that did not comply with local building code ordinances and cannot be improved to meet building code standards for less than the cost of constructing a new residence.
Please click on the FHA Program tab below to learn more about loans that are backed by the Federal Housing Administration (FHA).
*Criteria set by the U.S. Department of Housing and Urban Development