That's right!  You could have owned a home in the past and still qualify as a First Time Home Buyer.

There are lots of great financing options and down payment assistance for First Time Home Buyers.  But what if you're not a buying your first home? Can you still get those great rates and assistance?

The answer is YES!

Let's start with the federal definition of a First Time Home Buyer.

A First Time Home Buyer is defined as someone who has not owned a primary residence (a home you live in most of the year) in the past three (3) years.

So if I owned a home in the past, I could still be considered a First Time Home Buyer? ...YES!

But wait...There's more:

There are several exceptions to the rule which also may allow you to be considered a First Time Home Buyer.

•·         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.

•·         Any individual who has only owned 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.

Every program has its own definition of what constitutes a First Time Home Buyer.  Most follow the federal guidelines, but the most restrictive of policies is usually applied.

Some programs also make exceptions for any buyer if the property is located in a HUD census code that is slated for revitalization.  In these areas many of the First Time Home Buyer Restrictions are lifted to promote role model ownership.  Under these programs you are generally required to take occupancy of the property for a minimum set period of time to get the advantages of the program without penalty.

Exceptions can also be made for Teachers, Law Enforcement, Firefighters and Emergency Medical Technicians.  Check out the Good Neighbor Next Door Program for more on special programs for these individuals.