### Question
Can you define what first-time homebuyer means?


### Answer
**First-time homebuyer** is defined as the following in *42 U.S.C. § 12713*:

> an individual who has never, or has not during a specified period of time, had any present ownership interest in a principal residence

#### Citation:
  - *42 U.S.C. § 12713*
  - Heading: **CHAPTER 130-NATIONAL AFFORDABLE HOUSING > SUBCHAPTER I-GENERAL PROVISIONS AND POLICIES**

