Who Qualifies as a First-time Homebuyer?

There are thousands of programs aimed at helping people buy homes. And many of them target the so-called first-time homebuyer. But the term isn’t always defined as strictly one might expect.

Surprisingly, many programs say a first-time homebuyer is someone who hasn’t owned a home in at least three years or more.

The fact is, people are confused whether they qualify for assistance, thinking wrongly that they make too much money, or they previously owned a home and can’t take advantage of the help.

Previous homebuyers should look at possible assistance provided by Wells Fargo, Home Path and Freddie Mac.

Check with state and local housing agencies for additional assistance. You can search online through the federal Department of Housing and Urban Development website.

If you aren’t sure about a program’s qualification requirements, or terms and rates, speak to your lender for an explanation and try to get those terms in writing where possible.

Between rising home prices and surging mortgage interest rates, housing affordability has become more challenging. Being aware of the help that’s out there could make a big difference.