Are Previous Home Owners Eligible to be Defined As First Time Home Buyers?
According to the U.S. Department of Housing and Urban Development (see link), it seems that previous home owners who haven't owned a home for over 3 years can be defined at as a "first time home buyer". What the HUD says exactly is:
"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)."
Am I right in my interpretation? For example, if I used to own a house as a primary residence over 3 years ago, but have since been renting, do I qualify as a "first time home buyer"?
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That is correct. If you used to own a house but have since sold it, or stopped using it as your primary residence more than three years ago, you would qualify as a "first-time homebuyer" under those criteria.
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