Do You Qualify as a First‑Time Home Buyer? The Official Checklist

Many would‑be homeowners overlook the fact that the “first‑time buyer” status resets after a few years, or applies even if you once owned jointly with a spouse. Use this checklist to see whether you qualify for low‑down‑payment loans, grants, and tax credits in 2025.

1. Check the Three‑Year Ownership Rule

If you have not owned (or co‑owned) a primary residence in the past 36 months, federal guidelines treat you as brand‑new.

2. Know the Special Exceptions

Divorced single parents, displaced homemakers, and buyers rebuilding after a natural disaster may still qualify. See how disaster aid interacts with mortgages in Prepare Your Home for a Natural Disaster.

3. Understand Military & VA Rules

VA entitlement can be restored after your previous VA loan is paid off or the property is sold. Our Jacksonville investors post highlights how service members leverage VA benefits for both primary homes and rentals.

4. Credit & Debt Benchmarks

• Conventional 97 requires a 620+ score.
 • FHA allows 3.5 percent down with scores as low as 580.
 • USDA and VA have flexible scores but debt‑to‑income caps.
 Brush up on credit tips in 7 Real Estate Trends to Watch before you apply.

5. Stack Grants, Gifts, and Seller Credits

North Carolina’s First‑Home Advantage program (often paired with local forgivable loans) can slash your cash‑to‑close. Real‑world examples appear in Top Reasons to Invest in Real Estate This Year and 10 Surprising Benefits of Homeownership.

6. Income Limits & Occupancy Rules

Most assistance programs impose household income caps and require the home to be your primary residence for a set period. Our Why Location Matters article explains how zip‑code boundaries affect grant eligibility.

Ready to Confirm Your Status?

1. Gather W‑2s, bank statements, and ID (see the doc list in our Mortgage Pre‑Approval checklist).

2. Explore live inventory on our active listings.

3. Schedule a no‑pressure consult with the Castro Team—we’ll confirm eligibility and map out next steps.

Final Take

You may qualify as a first‑time buyer even after owning years ago. A ten‑minute review could unlock 0‑ to 3‑percent‑down loans and thousands in assistance.