A first time home buyer is considered somebody who has not owned a home in the last three years.

You may find that there are some mortgage loan programs, usually ones that the lender has a higher perception of risk, that are not available to first time home buyers.

Many other first time home buyer programs require that you either take a course or do a self study program with a workbook to learn about the responsibilities and financial obligations involved with owning a home. Even if these programs are not required by your lender or broker if is a good idea to do them anyway. Talk to your broker they can get you the information about when the classes are or provide you with a work book. Many of these courses and workbooks are provided through a PMI Company

A large amount of first time home buyer programs are FHA. Be prepared to spend a few hours in class so you can get a certificate stating your eligable.

There are many loan programs which allow First Time Homebuyers. Some may have stricter guidelines to qualify but in general are easy to qualify for.

There are several first time home buyer programs where an entity can help provide the down payment for a home. There are usually certain income requirements to qualify for these progams.

Generally the programs will have a step by step guide to get you thru the process of home ownership.

Some First Time Buyers Programs require as little as 3% down.

Some local First Time Home Buyer programs offer down payment assistance. To be eligible, applicants' household incomes must not exceed an amount set by the program administrators. These income limits are usually calculated by multiplying the Area Median Income with a percentage (e. g. 110% of the AMI). The program administrator may place a lien on the home to prevent the homeowner selling the property for profit shortly after settlement. Such liens usually dissipate after 5 to 10 years.

First time home buyers may also have other advantages such as discounted transfer tax. Check your local and state regulations to see what benefits you may qualify for, make sure your mortgage professional is aware that you are a first time home buyer.

Some of the advantages define a first time home buyer as a borrower who has not owned a home in the past three years, others require that the borrower has never had any interest in any property.

A numerous amount of people are eligble for for a first time buyer mortgage. Usually if you have never owned a home you are able to receive a first time buyer mortgage, in some states there are programs for first time buyers where a percentage of there closing cost are paid.

First Time Home Buyer loan programs are often referred to by the acronym FTHB

To be a 1st time home buyer you can not be a home owner.