Any home loan applicant who has not had any ownership of a property within the past three years.
Technically, a first-time homebuyer (FTHB) is any home loan applicant who has not had any ownership of a property within the past three years.
"Property ownership" includes being on a mortgage and/or on title to another property.
There are many benefits to being a FTHB, including lower minimum down payments (depending on loan program). To access the best interest rates and/or loan programs for FTHBs, federal lending law generally requires the borrower complete homeownership counseling or a homeownership education course.