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When determining eligibility for a first-time buyer loan, the term "first-time" can be misleading.

A first-time homebuyer is defined as someone who has not owned and occupied their home in the last three years, and who has not lived in a home owned by a spouse in the past three years

A first-generation homebuyer is someone whose parents or legal guardians never owned a home during the homebuyer’s lifetime. A first-time homebuyer is someone who either hasn’t owned a home or hasn’t in the past three years and doesn’t factor in generational homeownership. First-generation homebuyer programs are generally designed to target low-income households.

First-time homebuyers are often eligible for benefits that repeat buyers aren’t, such as:

• A more affordable mortgage with a lower minimum down payment, lower interest rate and/or reduced mortgage insurance
• Down payment and/or closing costs assistance
• Access to first-time homebuying support in many cities