Who is considered First Time Buyer?
As defined by US Dept of Housing and Urban Development, a first-time homebuyer is an individual who meets 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 test, they are considered first-time homebuyers. – A single parent who has only owned with a former spouse while married. – An individual who is a displaced homemaker and has only owned with a spouse. – An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. – An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
