What Defines a First Time Home Buyer?

You don’t technically have to be a first time home buyer to be an actual first time home buyer.  That’s right a First Time Home Buyer is defined as someone who has not owned a primary residence in the past 3 years.

In addition there are a few exceptions:

• A single parent who has only owned with a former spouse while married.
• An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
• Any individual who has 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.

Every program and lender have their own guidelines. If you would like further details or you would like to see what first time home buyer programs our client qualify for please email me Brian LeBars for first time home buyer details in the Bay Area.

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