If you have owned a home but your spouse has not, then you can buy a home together as first-time homebuyers. If you divorce your current spouse or become displaced from your spouse in any way, you could be a first-time homebuyer in the FHA’s eyes.

What was the original value of my house when my husband died?

Your half of the house is still at its original tax basis of $150,000 (half of the original $300,000 purchase price), but your husband’s half of the house stepped up to $275,000 when he died (half of the house’s value on the day he died of $550,000). Add $150,000 to $275,000, and you get $425,000 as the tax basis of your home.

Who are the first time home buyers in the US?

Additionally, first-time homebuyers are taking out 25 percent more GSE loans than they did in the early 2000s. Many people who would qualify as first-time homebuyers are previous homeowners, including those who lost their homes in the crisis and are just now getting back on their feet.

Can a single parent buy a home for the first time?

HUD provides other conditions under which you may still meet the first-time homebuyer requirement. You may qualify as a first-time homebuyer if: You are a single parent who has only owned while married to an ex-spouse. You are a displaced homemaker or stay-at-home dad who has only owned with a spouse.

An individual who has not owned a principal residence for three years. A spouse is also considered a first-time homebuyer if he or she meets the above criteria. If you’ve owned a home but your spouse has not, then you can purchase a place together as first-time homebuyers.

What are the steps to buying your first home?

As you prepare, here are the steps to follow as you purchase your first home. First, you should determine if you are ready to buy a home. Homeownership is a lot more expensive than renting since you’re responsible for added costs like home repairs, utility costs, garbage pickup, water, and electricity. 1 

How to apply for first home owner Grant?

Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria. To see if you are eligible or to obtain more information about the First Home Owner Grant, please select the state or territory in which you intend to purchase your home.

Are there any government programs to help first time home buyers?

If you’re a homebuyer, the Department of Housing and Urban Development (HUD) has two programs that may help make the process more affordable. The Federal Housing Administration (FHA) manages the FHA loans program. This may be a good mortgage choice if you’re a first-time buyer because the requirements are not as strict as other loans.