What is a "First Time Homebuyer?"
This seems like an easy question to answer, but it's not!
AC Boost defines a first-time homebuyer as: a household in which all adults in the household are (1) purchasing the residential property; (2) will reside in the residential property as a principal residence; AND (3) had no ownership interest (sole or joint) in a residential unit during the three-year period preceding the date of the AC Boost application, OR was a Displaced Homemaker as defined below and is now working.
A Displaced Homemaker is an individual who has not worked full-time, full-year in the labor force for at minimum three (3) years, worked primarily without remuneration to care for the home and family, is unemployed or underemployed, is experiencing difficulty in obtaining or upgrading employment, AND, while a homemaker, owned a principal residence with a previous spouse.
No member of the applicant household may have owned any interest in a residential unit during the three-year period preceding the date of the AC Boost Pre-Application. The period shall be counted backwards from the AC Boost Pre-Application submittal date. An applicant shall be deemed to have owned an interest in a residential unit regardless of whether or not that interest resulted in a financial gain, is in another state or country, or if the applicant has ever used the property as a primary residence. Notwithstanding the foregoing, the following interests shall not, by themselves, disqualify an applicant from being considered a first-time homebuyer: (1) ownership of timeshares; (2) loan cosigners from previous real estate transactions; (3) appearing on title solely in the capacity as a trustee for a trust, where the trustor is living at the time and in the residence; (4) being a named beneficiary of a trust that includes a housing unit amongst the trust assets, but only if the trustor is living at the time and in the residence; (5) ownership of shares in a limited equity co-op; and (6) being a Displaced Homemaker as defined above, who is now working.
An ownership interest is defined as a fee simple ownership interest, including but not limited to an interest held individually; or a joint ownership interest by joint tenancy, tenancy in common, community property or a life estate interest.