Buying a home is always exciting—whether it’s your very first property or you’re returning to the market after a previous purchase. But if you’ve owned a home before, you might be wondering: Can I be considered a first-time homebuyer again? In some situations, the answer is yes.
In this Redfin guide, we’ll break down the qualifications you need and explain when you can reclaim that coveted “first-time homebuyer” status. Whether you’re hunting for a family home in Atlanta, GA, or a downtown condo in Portland, OR, this guide will help you understand if you qualify for first-time homebuyer benefits… for a second time.
Key Takeaways
- Typically, you can be considered a first-time homebuyer again if you haven’t owned a home in three years or more.
- Certain life circumstances may also make you eligible to reclaim first-time status.
- Benefits include down payment and closing cost assistance, as well as potentially lower interest rates.
When Can You Be a First-Time Homebuyer Again?
Generally, you’re eligible to be a first-time homebuyer again if you haven’t owned a primary residence for at least three years. But there are other scenarios that may also qualify you. Keep in mind that different first-time homebuyer programs define eligibility differently, so always check with the specific program before moving forward.
Who Qualifies as a First-Time Homebuyer Twice?
Here are some common ways you might qualify:
- You haven’t owned a primary residence for 3+ years
- If you previously owned a home but sold it and rented for three years or more, you may be eligible. For joint buyers, usually only one person needs to meet the criteria to qualify.
- You’re a single parent buying on your own
- Even if you owned a home with a former spouse, you may still qualify if you’re purchasing as a single parent for the first time.
- You’re a displaced homemaker or family caregiver
- If you’ve only owned a home with a spouse and did not earn income from employment, you may still be considered a first-time buyer.
- You previously owned a mobile home
- Ownership of a mobile home or property not permanently affixed to a foundation usually doesn’t count against first-time buyer status.
- Your previous home was non-compliant
- If your former home had unrepairable building code or safety issues that couldn’t be resolved for less than the home’s value, you likely qualify.
Benefits of Being a First-Time Homebuyer Again
Being considered a first-time homebuyer twice comes with some valuable perks:
- Access to first-time buyer programs
- These programs can include down payment assistance, closing cost grants, or low-interest loans. Each program has its own rules, so work with your agent or lender to explore your options.
- Low down payment options
- Programs like Freddie Mac’s Home Possible or Fannie Mae’s HomeReady allow down payments as low as 3%, making homeownership more accessible.
- Potentially lower mortgage rates
- Some lenders offer slightly better rates to first-time buyers to help them enter the market.
FAQs About Being a First-Time Homebuyer Again
Can I be a first-time homebuyer if I previously owned a home?
Yes! As long as you haven’t owned a primary residence in the last three years, or you previously owned a home with a spouse, you may qualify.
Do both buyers need to be first-time homebuyers?
Not usually. In most programs, only one buyer needs to meet the first-time criteria. However, some programs may require both to qualify, so check before applying.
Can I get a first-time homebuyer loan again?
Yes. If you meet the “first-time homebuyer” qualifications, you can often qualify for another first-time buyer loan. Eligibility rules vary by lender and program.
Are there income limits for first-time homebuyer programs?
Yes. Many programs have maximum income limits, so if you earn above the threshold, you may not be eligible.
Bottom Line
Being a first-time homebuyer again can open doors to financial assistance, low down payment options, and competitive mortgage rates—even if you’ve owned a home before. Whether you’re returning to the housing market after a few years or transitioning from a previous home purchase, understanding your eligibility can save you money and help you make smarter homebuying decisions.