FIRST TIME BUYERS/ INVESTMENT BUYERS/ FOREIGN BUYERS

Saturday, November 7, 201511:43 PM(View: 1502)
FIRST TIME BUYERS/ INVESTMENT BUYERS/ FOREIGN BUYERS

A first-time homebuyer:
    
A first-time home buyer is an individual who meets any of the following criteria:

  • 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.