Do I qualify as a first-time homebuyer?

While the term “first-time homebuyer” generally refers to an individual who purchases a principal residence for the very first time, you may also qualify if you have not owned your principal residence within the past three years. For couples, if one spouse has not owned a home, you are both considered first-time homebuyers. Benefits can include low mortgage rates, low down payment, low closing costs, and loans for lower credit scores.