Qualifying as a first-time home buyer opens you up to a range of programs that can expedite your path to homeownership. Qualifying as a first-time home buyer isn’t necessarily restricted to those individuals who have never owned a home before, either. Individuals who have owned a home in the past but are now renting their home are often eligible for these federal and state-funded programs. In general, prospective homeowners must not have owned property within the last three years.
2) Inquire about state or local resources for first-time home buyers by contacting a housing agency in your area. State housing authorities often have special programs for first-time home buyers, home buyers with limited incomes, single parents and home-buyers with disabilities. Applicants must meet certain eligibility requirements prior to being accepted into the programs.
4) Keep your credit in check by monitoring your score, disputing inaccurate information and keeping credit card balances to a minimum. The higher your credit score, the better chance you’ll have of being approved for a first-time home-buying program.
Tip
- Previously owning a home does not necessarily make an individual unable to qualify as a first-time home buyer. In addition to individuals who haven’t owned a home in more than three years, first-time home buyer benefits are available for single parents and displaced homemakers who owned a home with a former spouse, and for previous homeowners whose principal residency did not have a permanent foundation. Additionally, if your former home did not meet state, local or model building codes, and couldn’t be brought into compliance for less than the cost of building a new home, you may also qualify as a first-time home buyer.
