So, you’re looking to purchase a home and you would love to use that first time home buyer program, but darn it you owned a home 5 years ago that you sold. Well, do I have good news for you! A first time home buyer is defined as someone who is purchasing a home as a primary residence that has not had any ownership in a property in the past 3 years.
Really, there are not too many loan programs out there today that require you to be a first time home buyer, however there is the conventional 3% down and the Michigan State Housing Development Authority (MSHDA) does have down payment assistance options for first time home buyers and repeat home buyers.
If you are looking to purchase a home in Michigan, complete our pre-qualification request form to see what first time home buyer options you may qualify for!