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Thread: First-time homebuyers 3-year rule

  1. #1

    First-time homebuyers 3-year rule

    Who Is Considered a First-Time Home Buyer?
    https://homeguides.sfgate.com/consid...uyer-7808.html

    Three Year Rule


    Any person who has not owned a principal residence in three years qualifies as a first-time home buyer under FHA guidelines. It does not matter if the previous home was sold or foreclosed on. It also does not matter if the person has recently owned an investment property. If a person does not qualify on their own, but his spouse does, then they both qualify as first-time home buyers.




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  3. #2
    A principal residence is the primary location that a person inhabits. It does not matter whether it is a house, apartment, trailer or boat, as long as it is where an individual, couple, or family household lives most of the time.
    ..
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #3
    So if a chick hasn't had a boyfriend in 3 years, but she sleeps around a lot, can she still say it's her first time if she wants to date the guy?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  5. #4
    It seems you can buy a lot of investment properties under this program. Why even wait 3 years before reapplying?

  6. #5
    If you've never owned a home, you are considered a first-time homebuyer. But you are allowed to be a previous homeowner and still qualify as a first-time homebuyer. According to the FHA, you can do so if you have not been an owner in a primary residence for at least three years leading up to your purchase.



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