Who qualifies as a first time home buyer?

I know purchasing your first home can be confusing and very stressful. Important point to note is if you've never owned a home, you are considered a first time homebuyer.

You are however allowed to be a previous homeowner and still qualify as a first time homebuyer. According to the FHA, you can do so if you have not been an owner in a primary residence for at least three years leading up to your purchase.  

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