### Question
How does the law define first-time homebuyer?


### Answer
Under *12 U.S.C. § 1701x*, **first-time homebuyer** is defined as:

> an individual who—


(i) (and whose spouse) has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the home pursuant to which counseling is provided under this subsection

#### Citation:
  - *12 U.S.C. § 1701x*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS**

