Are previous home owners eligible to be defined as first-time home buyers?

Asked by Rhayward, Brooklyn, NY Mon Mar 18, 2013

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Michael Denn…, Agent, Queens, NY
Fri Mar 22, 2013
Hi Rhayward,

The short answer is as long as you were not on an owner of a primary residence in the 3 years prior to your purchase, then you are a first time buyer. Below is HUD's (Housing and Urban Development) comprehensive definition of first time homebuyer. HUD sets the guidelines required for FHA mortgages. Learn more by going to

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

I have been helping New York buyers to become successful homeowners since 2006 with affordable and manageable mortgages. For more information or assistance, reach me directly at 917.699.0183. Follow me on twitter @mdenniston247.

I value your feedback, please hit the thumbs up if my reply was helpful. All the best.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Branch Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
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0 votes
Christopher…, Agent, Tarrytown, NY
Tue Mar 19, 2013
As per the National Association of Realtors a first time buyer is classified as someone that has not owned or purchased within the past three years.

0 votes
R Wright, Other Pro, NY,
Tue Mar 19, 2013
Hello Rhayward - Since most standard loans today follow FHA guidelines and loan limits, you are required to have not owned a home in the last 3 years if you plan to seek conventional financing. This financing option also allows you to purchase a second property as a 2nd home. You will be required to satisfy debt ratios for both mortgages of course, but it is possible to purchase 2 homes.

If you have any additional questions about 2nd homes please contact me.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Mar 19, 2013
Depends, maybe/maybe not; for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Mar 18, 2013
Actually, a first time home-buyer is someone who is purchasing for the first time in the past 3 years.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
0 votes
Janet Nation,…, Agent, Baldwin, NY
Mon Mar 18, 2013
Depends what you are trying to do. For example, if you are getting a grant from the Long Island Partnership for example, you are a first time home buyer if you haven't owned a home in at least three years.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
0 votes
Gail Gladsto…, Agent, 11743, NY
Mon Mar 18, 2013
No Rhayward, first time means just that; first time buying a home.
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