Shopping for a house is an thrilling time, whether or not that is your first time buying a home otherwise you’re a repeat purchaser. However if you happen to’ve owned a house earlier than, it’s possible you’ll be questioning if you happen to generally is a first-time dwelling purchaser once more. In some circumstances, sure, you possibly can.

On this Redfin article, we’ll go over what {qualifications} you want to meet and while you will be thought-about a first-time homebuyer once more. Whether or not you’re shopping for a house in Atlanta, GA, or a condominium in Portland, OR, learn on to search out out if you happen to’re eligible to be a first-time homebuyer twice.

Key takeaways

Often, you’re a first-time homebuyer once more if you happen to haven’t owned a house in 3 years.
Some particular conditions can also qualify you as a first-time purchaser.
Advantages embrace down fee and shutting value help and decrease rates of interest.

When are you thought-about a first-time homebuyer once more?

Sometimes, you’re thought-about a first-time homebuyer once more in case you have not owned a main residence for not less than three years. There are a number of further causes it’s possible you’ll qualify as a first-time homebuyer once more, which we’ll discover under. Some first-time homebuyer packages have totally different definitions of “first-time homebuyer,” so examine with the particular program earlier than continuing.

{Qualifications} to be thought-about a first-time homebuyer

There are different causes it’s possible you’ll qualify as a first-time homebuyer twice. Let’s check out them:

You haven’t owned a main residence for 3 years: This implies if you happen to owned a house, however offered it and rented for 3 (or extra) years, you will be thought-about a first-time dwelling purchaser once more. In case you’re shopping for with one other individual, solely considered one of you wants to fulfill the standards to make use of most first-time dwelling purchaser packages.
You’re a single-parent shopping for by yourself: In case you’ve by no means bought a house by your self and are a divorced single-parent, it’s possible you’ll qualify once more. Even if you happen to bought a house along with your former partner, you doubtless nonetheless meet the standards.
You’re a displaced homemaker/household caregiver: If you’re a displaced homemaker who doesn’t or didn’t earn wages from employment and has solely owned a house with a former partner, you’re doubtless thought-about a first-time homebuyer.
You beforehand owned a cell dwelling: In case you owned a cell dwelling or property not affixed to a basis, then you definitely doubtless qualify.
Your earlier dwelling was out of compliance: If your house had constructing code violations or issues of safety that might not be repaired or introduced into compliance for lower than the house’s worth, you’re doubtless eligible.

Advantages of being a first-time homebuyer once more

There are advantages to being a first-time homebuyer twice. Let’s check out them:

Entry to first-time homebuyer packages: One of many greatest advantages is the power to make use of first-time homebuyer packages equivalent to down fee and shutting value help, grants, credit, or loans. Each program has totally different {qualifications}, so make sure that to analysis every program or communicate along with your agent and lender to discover choices.
Choices for low down fee mortgages: There are a number of loans obtainable for first-time patrons that provide decrease down fee quantities. For instance, Freddie Mac’s House Attainable and Fannie Mae’s House Prepared provide down fee quantities as little as 3%.
Doubtlessly decrease mortgage charges: Generally, lenders will provide barely decrease mortgage charges to first-time debtors to assist them purchase their first dwelling.

FAQs about first-time homebuyers

Can I be a first-time homebuyer once more if I beforehand owned a house?

Sure, so long as you haven’t owned a main residence within the final 3 years, otherwise you owned a house whereas beforehand married.

Do each homebuyers must be first-time homebuyers to qualify?

No, most often, so long as one homebuyer meets the qualifying standards, then you definitely’re thought-about a first-time homebuyer. Nonetheless, some packages require each homebuyers to be first-timers.

Can I qualify for a first-time homebuyer mortgage once more?

Sure, for probably the most half, if you happen to qualify as a “first-time homebuyer,” you will get one other first-time homebuyer mortgage. Each lender and mortgage is totally different, so you should definitely learn the eligibility standards totally.

Are there revenue limits for packages?

Sure, many first-time homebuyer packages have revenue limits. This implies you gained’t qualify if you happen to make greater than the desired annual quantity.