U.S. Mortgage Index

First-time home buyer

Definition

A first-time home buyer is a person who meets a housing program’s first-time-buyer definition. Official consumer material notes that some programs treat a person who has not owned a home for a stated lookback period as a first-time buyer. The definition is not universal.

In plain English

Many loan and assistance programs advertise help for first-time buyers. The phrase does not mean the same thing in every program. Some programs count people who have not owned a home for a lookback period. Others use a different test. This page names the label. It does not freeze one statutory test.

Technical definition

CFPB’s key-terms heading for first-time home buyer loan programs is PRIMARY. It states that popular programs include FHA, VA, USDA, and GSE low-down-payment options, and that some programs use a lookback definition.

Why it matters

A buyer can be a first-time buyer for one program and not for another. The page keeps the label from becoming a single national rule.

Sources reviewed

Important note

Program definitions vary, including a common three-year lookback. Do not freeze one statutory test.