* "First-Time Home Buyer"
Per FMNA Selling Guide:
An individual is to be considered a first-time home buyer who:
- Is purchasing the security property;
- Will reside in the security property as a principal residence; AND
- Had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property.
In addition, an individual will be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.
If a borrower(s) has owned a home within the past three years, then they would
be a first-time home buyer, which means they would
be required to take home buyer education.