Fannie Mae considers a first-time homebuyer as someone who is purchasing the security property to live-in as their primary residence and has not had any ownership stake in a residential property for the past three years. Here are the criteria that Fannie Mae follows to determine first-time homebuyers:
The person must be purchasing the security property
The property must be intended to be the person’s principal residence
The person should not have had any ownership stake in a residential property in the last three years leading up to buying the property.
Meeting these criteria can qualify someone as a first-time homebuyer and potentially help them access certain benefits, like down payment assistance programs. So, if you are looking to buy a new home and meet these qualifications, it’s worth looking into these programs to see if you can get some additional help in the process.