What is a first-time homebuyer?

Financial Capital Group

Logically, a first-time homebuyer might refer to someone who has never purchased a home before. But in some contexts, the definition is actually much broader than that.

Prospective homebuyers who can’t scrape together a substantial down payment may be eligible for assistance through first-time homebuyer grants and loan programs. To qualify for many of these programs, prospective buyers generally must not have owned a home for at least the previous three years.

In other words, you don’t have to be a complete novice to qualify as a first-time homebuyer. Lenders and government agencies have loan programs in place to help people realize the American dream of homeownership, even if they’ve experienced it before.

Source: bankrate

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