Mortgage Answers / Homebuying Decisions
The Short Answer
Not every assistance program has the same first-time-buyer rule. Some programs have their own definition, exceptions and other requirements. Ask about the actual program before assuming you qualify or that past ownership rules you out.
Choose your situation to see the consequence and a practical next step.
Explore Your OptionsThe actual program rules decide.
An automatic yes
The details still need review.
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Never owning a home does not automatically approve assistance. Other buyer, property and loan rules can still apply.
Start with the four configured assistance options and ask which are available for review.
Ask about the actual first-time-buyer requirement and the other conditions. Do not count on help before review.
Compare repayment terms and the money still needed at closing.
Past ownership does not answer the question for every program. The actual definition and any exceptions matter.
Tell the lender about your previous ownership and any relevant dates.
Ask how the specific program defines first-time buyer and whether an exception applies. Do not assume every program has one rule.
Review the rest of the eligibility and repayment terms before planning around assistance.
Do not guess from the phrase first-time buyer. Ask how the specific program defines it.
Describe your ownership situation accurately rather than choosing a label yourself.
Ask the lender or program administrator which records and definition apply.
Get the remaining requirements and assistance terms explained before relying on funds.
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Not every assistance program has the same first-time-buyer rule. Some programs have their own definition, exceptions and other requirements. Ask about the actual program before assuming you qualify or that past ownership rules you out.
Do not guess from the phrase first-time buyer. Ask how the specific program defines it.
Assistance may help eligible buyers with upfront costs. It can be a grant or a separate loan, with rules about qualification, permitted uses and repayment. Review the terms before counting on help.
Some loan or assistance programs require an approved homebuyer education course or counseling. Requirements and accepted providers vary. Ask which course, timing and proof apply before paying for or taking a class.
Reserves are funds a lender may require you to have available after closing. They are different from the money spent on the down payment and closing costs. The required amount and acceptable accounts depend on the loan and your situation.
No. You must meet the specific program's other buyer, property, loan and availability requirements.
Not necessarily. The definition and any exceptions depend on the actual program. Ask before making an assumption.
Ask the lender or program administrator which definition applies to the assistance being considered and which records it needs.
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Willa Henderson
Fayetteville, NC
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Yara Mansfield
Show Low, AZ
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Boulder, CO
Every buyer's situation is different. Let's find the right path for you.