Buying a home is an exciting time, whether this is your first time purchasing a house or you’re a repeat buyer. But if you’ve owned a home before, you may be wondering if you can be a first-time home buyer again. In some cases, yes, you can.
In this Redfin article, we’ll go over what qualifications you need to meet and when you can be considered a first-time homebuyer again. Whether you’re buying a home in Atlanta, GA, or a condo in Portland, OR, read on to find out if you’re eligible to be a first-time homebuyer twice.
Key takeaways
- Usually, you’re a first-time homebuyer again if you haven’t owned a home in 3 years.
- Some special situations may also qualify you as a first-time buyer.
- Benefits include down payment and closing cost assistance and lower interest rates.
When are you considered a first-time homebuyer again?
Typically, you’re considered a first-time homebuyer again if you have not owned a primary residence for at least three years. There are several additional reasons you may qualify as a first-time homebuyer again, which we’ll explore below. Some first-time homebuyer programs have different definitions of “first-time homebuyer,” so check with the specific program before proceeding.
Qualifications to be considered a first-time homebuyer
There are other reasons you may qualify as a first-time homebuyer twice. Let’s take a look at them:
- You haven’t owned a primary residence for 3 years: This means if you owned a home, but sold it and rented for 3 (or more) years, you can be considered a first-time home buyer again. If you’re buying with another person, only one of you needs to meet the criteria to use most first-time home buyer programs.
- You’re a single-parent buying on your own: If you’ve never purchased a home by yourself and are a divorced single-parent, you may qualify again. Even if you purchased a home with your former spouse, you likely still meet the criteria.
- You’re a displaced…