A first-time buyer is generally anyone who has not owned a primary residence in the past three years, and most programs that care about the status only need one borrower on the loan to meet it. First, the myth-buster: no magic first-time-buyer loan hands you a lower rate or free money. FHA's low down payment, for one, is open to repeat buyers too. What first-time status actually unlocks is a handful of conventional low-down-payment options, and the benefits are real but modest. On who counts: the standard definition is no ownership interest in a principal residence during the three years before the purchase, with exceptions for displaced homemakers and single parents who only co-owned with a former spouse. Being listed on a family member's mortgage does not automatically disqualify you, especially if you are not the one living there and claiming it. Most programs need only one qualifying borrower, though a few require every borrower to qualify, so confirm the current rule for your specific program. The main conventional options: - The standard 3%-down program (Fannie Mae and Freddie Mac) has no income limit but requires at least one first-time buyer on the loan. - HomeReady (Fannie) and Home Possible (Freddie) also allow 3% down, with qualifying income capped at 80% of the area median income. Their payoff is reduced loan-level pricing adjustments and cheaper mortgage insurance, which help most if your credit is mid-tier. They improve your terms at the margins rather than handing you cash. One more thing that trips people up: owner-occupancy and first-time status are separate questions. If you are buying a home to live in as your primary residence, it is an owner-occupied loan even if your co-borrower already owns another property. Confirm the current down-payment minimums and income limits before you lean on any of this, since program rules change.