This is a question I hear often. Hearing the words “First Time Home Buyer” usually makes you think of someone who has never owned a home. However, there are some exceptions to that rule that may surprise you.
Here are three things that qualify you as a First-Time Home Buyer.
The 3 Year Rule
“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.” If you owned a home three years ago, you can purchase again as a new first-time buyer. You may even qualify for down payment assistance programs using this rule.
“An individual who is a displaced homemaker or single parent may be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period” In simpler terms, if you owned with your previous spouse and they kept the marital home, you could buy again as a first-time buyer.
“An individual affected by natural disasters in California”. Here in California, we have been plagued with wildfires for the last few years. Those who have been displaced from their homes may qualify to use assistance programs that will help them back into homes without having to wait the three year time period to be a first-time home buyer.
If you would like to more information about first time home buyer programs reach out to us or take our brief survey.