Definition

• Generally, the law states that a first-time home buyer is a person who has not owned a principal residence for a three-year period prior to seeking this type of mortgage. There are some exceptions to this general guideline, however.
  
  

Single Parents

• A single parent who previously owned a home with a spouse during the marriage is also eligible for first-time home buyer programs. The substantial savings for single parents can be put toward the down payment and closing cost, or it can help reduce the principle on the overall loan.
  
  

Manufactured Home Owners

• People who own a manufactured home that is not permanently affixed to a foundation may apply for a first-time home owner loan. However, this eligibility depends on state regulations and the type of manufactured home. Consult with a mortgage consultant or agent to see whether you qualify for this type of loan.
  
  

Noncompliance Property

• People who own homes that are not in compliance with state or local building codes, and cannot be brought into compliance at costs less than building a new structure, can also qualify for a first-time home owner loan. This eligibility is extended to owners of property that is not considered to be in livable condition.