FIRST-TIME HOME BUYER
DEFINITION
WHEDA defines a first-time home buyer as someone who has:
- Never owned real estate
- Owned real estate but has not lived in the property during the past three years
- Owned a mobile home but did not own the land
EXCEPTION
WHEDA has two exceptions to the first-time home buyer requirement:
- If a WHEDA customer purchases a home that is located in a federally designated target area, they do not have to be a first-time home buyer.
- If a WHEDA customer is a veteran, the first-time home buyer requirement will be waived under the following conditions:
- The veteran served in the military and has received an honorable discharge or release
- The veteran was eligible for an honorable discharge or release but has re-enlisted as verified by a D. D. Form 214. The D. D. Form 214 must indicate a status of “Member 4” in the lower right corner