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Somewhat self-explanatory. If you (for whatever reason) fail to utilize a first time home buyer loan (typically with more-favorable-than-normal conditions) on your first home, can you utilize it on your second? Or is it one chance and then gone?

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    The "first" is right there...
    – littleadv
    Jun 14, 2022 at 0:11
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    Are you saying that you want to switch the house the loan is for or that you bought your first home with cash?
    – D Stanley
    Jun 14, 2022 at 0:18
  • And what type of "first time" benefits are you expecting? Many "first-time" are not financially advisable, but may be the only way that one can get a loan at a young age.
    – D Stanley
    Jun 14, 2022 at 0:20

2 Answers 2

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These first time home buyer loans have special terms and conditions that will lower the interest, or lower the minimum down payment percentage, or both. Some could even give you a break on closing costs, or a reduction in taxes. It depends on the program.

Each of these types of programs defines what it means to be a first time home buyer. They will have a time period such as "have not owned a home within the last x years."

so based on your question:

If you (for whatever reason) fail to utilize a first time home buyer loan (typically with more-favorable-than-normal conditions) on your first home, can you utilize it on your second? Or is it one chance and then gone?

Assuming the location you are looking to buy the second house has similar rules, you could qualify as a first time home buyer if you sell the first house, wait X years, and then buy the 2nd house.

When planning to do this make sure there aren't other rules such as income limits. They could be absolute limits or based on family size.

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Typically, the bank would approve a loan based on a defined object, so if you change the house, the approval is void. They would ask for an appraisal fir the new home, and re-approve - or not - based on its value.
Chances are good if the value is good, but there’s no guarantee.

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