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Can you become a first time homeowner AGAIN?

We have owned our home for 13 years and are considering a move. Is there a certain amount of time where you can be elligible as a first time buyer again?  I thought I heard that after a certain amount of time, if you purchase a home again, you can be considered a first time buyer again...is this true?
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February 09 2009 - Greeley
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Answers (6)

 In California you are considered a "first time homebuyer" after 3 years not of owning. Not sure about other states.
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February 23 2009
Profile picture for sunnyview
I think this is the definition of a first time buyer for the $7500 credit. I would assume it's about the same for the new $8000 credit. "What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer."
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February 21 2009
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I'am recently married my wife is not on my current mortgage, she has not owned a home in over 5 years can she purchase a home as a first time homeowner by herself.

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February 21 2009
I belive Lewis is incorrect about divorcing parties. You can not have owned or had an interest in a property for the previous 3 years.
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February 17 2009
You can be a first-time buyer if:

1) You have never had ownership interest in a home before
2) You have not owned a home any time in the past 3 years
3) You are recently divorced or are going through a divorce

I hope #3 is not applicable.
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February 09 2009
typically in financing, a first time home buyer is one who has not owned a home in the last 3 years.

for the most part though...most programs don't require that you be a first time home buyer...even though they are promoted as great first time home buying programs.

For example, FHA/VA doesn't require you be a first time home buyer.
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February 09 2009
 
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