Definition: According to the IRS, you qualify as a first-time home buyer:
"if you had no present interest in a main home during the 2-year period ending on the date of acquisition of the home which the distribution is being used to buy, build, or rebuild. If you are married, your spouse must also meet this no-ownership requirement."
Why is this a big deal? Because the government gives first time home buyers deals and breaks that allow for them to buy a home easier than someone who has purchased a home in two years. One of FHA's (Federal Housing Administration) highest priorities is to assist home-buyers with the purchase of their first home. Government programs like HUD/ FHA, are built to accommodate the new buyer with better affordability and qualify for a home. It's a stimulus of sorts to encourage people who would like to buy but think they need 20% down to qualify. Many of these programs only require 3-5% as a down payment to qualify with average to good credit scores.
So now all of you out there that haven't purchased a home in the past two years, you are sitting on a great opportunity to purchase a home at the bottom of the market with record low interest rates.
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