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Sunday, February 15, 2009

What is a first time homebuyer?

I was reading several articles today about the Obama stimulus plan. One of the articles referenced a previous administration’s (Bush) first time homebuyer tax credit (actually it was more of an interest free loan with a repayment period).

Then later today I was reading a local builder’s ad in the real estate section and noticed the fine print underneath the advertisement. Among all the fine print was the definition of a first time homebuyer.

Then I did a Google search for “first time homebuyer” and found the U.S. Department of Housing and Urban Development (HUD) definition.

I have copied it below. (For the web site, click here.)

A first-time homebuyer is an individual who meets any one 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.

If you are considering purchasing a home in the Viera, Rockledge, Suntree or Cocoa area of Brevard County, Florida, give me a call or drop me an email.

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida. Call me at 321-693-3850 or email me at

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