do you know the answer?
when the question is asked, at first you stop and wonder is this a trick question?
at least that's what I would do.
Okay so let's try the obvious
someone who has not previously owned a home?
yes, that is correct
just like in many industries, out there in mortgage land we often have our own terms & definitions.
So, we need to include, in the first time home buyer category
someone who has not owned a home for the previous 3 years
I'm kidding, right?
No. I'm not.
In most cases, those who have not owned a home for the previous 3 years also qualify for first time home buyer programs. So here's my mortgage definition of a first time home buyer.
a first time home buyer is someone who has not previously owned a home, or has not owned a home in the previous 3 years.
ps: some first time home buyer programs often have an exemption for Veterans, that being that not only do they not have to be true first time home owners, they also may have owned a home in the previous 3 years.