First-Time Homebuyer Requirement
First-time homebuyers are defined by the US Department of Housing and Urban Development as individuals who meet any one of the following criteria:
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above, they are considered first-time homebuyers).
- A single parent who has only owned with a former spouse while married, and who currently has sole or joint-custody of at least one child still living at home.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a mobile home.