Generally, if you’ve never owned a home before, you are classified as a first-time homebuyer. Additionally, if you haven’t owned a primary residence in the past three years, you may still qualify as a first-time homebuyer. First-time buyers often benefit from significant financing options and flexibility, with down payments starting as low as 3%. FHA loans are especially popular among first-time buyers due to their low down payment requirement of 3.5%.
