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Who is considered to be the First-time home buyer?
Many are confused as to who they are and what one need to do to qualify as a the first time home buyer. A first time home buyer is someone who hasn't owned a residence as a primary residence within the last three (3) years or falls into one of the other criteria categories as listed below. Primary residence refers to the property that you live within as your homestead. Homesteading in this way doesn't mean that you've submitted a claim to claim the Homestead Exemption for reduced property taxes on the property you reside in. This means that in accordance with The Florida Constitution your property is eligible for protection under the homestead. To be eligible for this protection of your homestead it is necessary to have the status of a perpetual Florida resident, and your homestead property has to be your primary residence. Your homestead that is your constitutional homestead is the property that could be eligible for an exemption for the Homestead Exemption for reduced property taxes. In addition to this, it is also the case that US Department of Housing and Urban Development (HUD) created standards to help lenders determine first-time buyers for Federal Housing Administration (FHA) loan programs. As per HUD's guidelines, a homebuyer who is a first time buyer is someone that meets these requirements:
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