myNJhouse - First Time Homebuyer

In order to help lenders properly identify first-time homebuyers, we are clarifying the definition of what constitutes a first-time homebuyer. 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.

First-Time Homebuyers

Chapter 3
Miscellaneous Policies
Page 3-02

We remind you to always consult with an attorney and an accountant before making any decisions regarding your finances.

Courtesy of – HUD