It depends. Are you still on the previous mortgage or title to that home?
To be considered a 1st time buyer you can not have owned a home in the past 3 years. The only reason it would really matter is if you're planning on applying for a down payment/closing costs assistance program through the county or state.
Hot Springs is eligible for the no money down USDA mortgage & you do not need to be a 1st time buyer to qualify.
One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.
Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.
The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.
Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.
Senior Mortgage Banker
Peoples Bank & Trust