Can a previous homeowner qualify as a first time buyer?

Asked by HappyHome, 94704 Sat Feb 14, 2009

I heard a rumor after a certain number of years after selling it might be possible to qualify as a first time buyer. True or wishful thinking? :) Thanks

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Robert Chome…, , San Diego, CA
Sat Feb 14, 2009
If you have not been on title for 3 yrs you can qualify for most first time home buyer programs, such as the current $7,500 tax credit.
1 vote
Steven Ornel…, Agent, Fremont, CA
Sat Feb 14, 2009
HappyHome, Robert provided the correct answer: its 3 years, then you qualify as a "FTB." Best, Steve
1 vote
Lisa Cartola…, Agent, Oakland, CA
Sat Feb 14, 2009

If you are wondering if you can use FHA financing toward the purchase of home even though you already own, the short answer is yes. You must purchase the home as your primary residence. The FHA financing guidelines have changed, so there are more options available than in the past.

If you are considering utilizing First Time Home Buyer funds such as ones offered by individual cities, that is different story. Often these programs will have very definitive parameters that a first time home buyer must fit into.

Are you considering selling your current home and purchasing a new one? Or do you want to hold onto your current home and purchase a second? Depending on your situation, the financial options will differ.

I would suggest you talk with a reputable lender who can give you some guidance regarding your current situation and you plans for the future. I work with Chris Hudson of Windsor Capital and I can highly recommend him. He is extremely knowledge and is a consummate professional. He can be reached at or you can check him out on the web at

I hope this helps and if you have further questions, do not hesitate to contact me.


Lisa Cartolano
Alain Pinel Realtors
Web Reference:
1 vote
HappyHome, Home Buyer, 94704
Sat Feb 14, 2009
And Rob wrote a full explanation on his blog. Awesome dude! Thanks
0 votes
Bill Eckler, Agent, Venice, FL
Sat Feb 14, 2009

If you have not been the owner of a home for at least a three year period, you can be considered a "first time buyer."
0 votes
HappyHome, Home Buyer, 94704
Sat Feb 14, 2009
I guess I can't edit my question! I sold my first house in July 2003, so it's been >5 years since I've owned a home and don't own any property now.

Thanks for the answers and I look forward to any more too!
0 votes
Julie Bartle…, Agent, Piedmont, CA
Sat Feb 14, 2009
You're hoping to qualify for the $8,000 credit just passed in the Senate? I suspect/hope the government would check If you've paid (and deducted on your income tax) property tax in the past before granting eligibility. You should consult an accountant.
0 votes
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