Who Actually Qualifies as a First-Time Home Buyer?
Depending on where you’re at in your home buying journey, you’ve probably seen mortgage companies advertise programs for first-time home buyers. But, did you know those programs also offer options for people who aren’t buying a home for the first time?
Seems a bit confusing, right?
You might be surprised to know that the definition of first-time home buyer isn’t quite as straightforward as what you might think. So, who is eligible? What determines your qualification status?
Those are the questions we’re answering in this article.
Key Point 1
The U.S. Department of Housing and Urban Development ultimately sets the rules for who qualifies. A first-time home buyer is an individual who meets any of the following criteria:
Key Point 2
If you qualify as a first-time buyer, there are various perks that can help you save money. From tax breaks to down payment assistance* to federally-backed convenience, let’s cover what some of these programs offer.
If you’re hoping to be a first-time home buyer (or even if you qualify and you’ve previously purchased a home), hopefully you understand more about what options are available to you. When you’re ready to take that next step toward homeownership, speak with your loan officer about what programs you qualify for and how you can benefit most.
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