Definition of First-Time Home Buyer

Single Parents

• A single parent is considered a first-time home buyer if the individual only owned a principal residence with a spouse.

Displaced Homemakers

• A person who is a displaced homemaker can still qualify as a first-time home buyer if the individual only owned a principal residence with a spouse.

Property and Building Codes

• A person who owns a property that's not in compliance with state, local or modeling building codes and can't be brought into these housing standards for a lesser amount than the cost of erecting a permanent structure may not be excluded from being a first-time homebuyer.

Property Ownership

• Any individual who has owned a principal residence that wasn't attached to a permanent foundation, in regard to particular regulations and procedures, may also not be excluded from being a first-time home buyer.

First-Time Home Buyer's Tax Credit

• First-time home buyers, according to the IRS, may qualify for the first-time home buyer's tax credit. Qualifying home buyers can receive a one-time tax credit for the purchase of a principal residence in the United States.