In order to help lenders properly identify first-time homebuyers, we are clarifying the definition of what constitutes a first-time homebuyer. A first-time homebuyer is an individual who meets any one of the following criteria:
> An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
> 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.
>An individual who has only owned a 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.
We remind you to always consult with an attorney and an accountant before making any decisions regarding your finances.
Courtesy of – HUD
Charles J. Koehler
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