Generally, a first-time home buyer is anyone who hasn’t had ownership of or a financial stake in a residential property in the last 3 years. While the definition might vary between first-time home buyer assistance programs, major mortgage investors like Fannie Mae and Freddie Mac use it when offering help.
The 3-year timeline is essential to keep in mind. For example, say you get a divorce and your spouse gets the house. If you live in an apartment for 3 years after the divorce, many of these programs would consider you a first-time home buyer.