If you’re buying your first-ever home, you’re a first-time home buyer by default. A repeat buyer can also qualify as a first-time home buyer, as long as they have not owned a home in the past three years. The three-year mark can help previous home buyers who have come on hard times get back into a home. Qualifying as a first-time home buyer gets you access to special, low-down-payment home loans as well as assistance to help with the down payment and closing costs.