For instance, you belong to this group if you haven’t owned a principal residence for the last three years.
You also qualify as a first-time buyer if you are a “displaced homemaker who previously owned with a spouse” or you own a mobile residence not affixed to a permanent structure, according to HUD.
These would-be borrowers can get help from state programs, tax breaks, and government-insured loans. Moreover, they may be eligible for lower down payments and less stringent credit requirements.
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