First-Time Home Buyer

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Home Real Estate Terms Glossary First-Time Home Buyer

Who is a First-Time Home Buyer?

We can define a first-time homebuyer as an individual who buys a principal residence for the first time. However, according to HUD, first-time homebuyers are individuals who have not held ownership in any principal residence during the 3-year period ending on the date of the home purchase.

Did you know that first-time homebuyers usually qualify for various special benefits? Some of them are low down payments, and special grants, and even assistance with paying closing costs.

Examples of First-Time Home Buyers

  • Example 1: First-time home buyers considering Federal Housing Administration
  • Example 2: First-time home buyers considering US Department of Veterans Affairs loans

Here’s Investopedia’s definition of a First-Time Home Buyer .

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