First Time Homebuyer Definition

The state of Maryland follows the HUD guidelines in regard to the first time homebuyer definition. When we hear “first time home buyer” most people think, obviously, it’s someone who has never purchased a home before. This is not 100% factual.

According to HUD:

• An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).

• A single parent who has only owned with a former spouse while married.

• An individual who is a displaced homemaker and has only owned with a spouse.

• An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.

• An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

If you meet these qualifications above, Congrats! You’re a first time homebuyer!

Now take advantage of the wonderful benefits and programs available to get into your next home!