November 27, 2020 04:50 Updated Follow A first-time homebuyer is someone who has not held ownership in his/her principal residence in the last three years. Related articles What criteria must I meet to qualify for your (IHCDA) programs? How does IHCDA's down payment assistance program work? How do I go about getting started with the buying process? What is a targeted area? How do I find a participating lender?