August 17, 2017

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Who is Considered a First-Time Homebuyer for FHA Loans?

There are many loan programs designed specifically to help first-time home buyers. Conventional loans may have special rates for first-timers, the VA offers a lower funding fee on its mortgage loans for first time home buyers, and the FHA is specifically dedicated to helping the first time house hunter make the right choices on a new home purchase.

New house hunters might not know, for example, about the Affordable Housing Program or Homeownership Set-Aside Program, created to help low income and middle-income buyers with FHA-approved down payment assistance. There are also state and local programs for first time home buyers and low-income house hunters the FHA can help qualified borrowers apply for.

But what does the FHA consider to be a “first time home buyer”?

According to the rules, a first time home buyer can include someone who has

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