You probably count as a first-time homebuyer even if you've owned a home before. Most programs, including Fannie Mae and Georgia Dream, call you a first-time buyer if you haven't owned a home in the last three years. The IRS uses two years for its IRA rule. FHA and VA loans don't require first-time status at all. In Evans and Columbia County, qualifying can open the door to a 3% down conventional loan and up to $10,000 or $12,500 in Georgia Dream down payment help.
That's the short answer. Here's how each definition works, and what it gets you.
You've been renting for years. You've watched prices climb. Maybe you owned a condo once, years ago, or your name was on a house during a marriage. Now you're wondering if you even count as "first-time."
Here's the problem. Every program defines it a little differently, and nobody hands you the rulebook. Guess wrong, and you could skip help you were entitled to, or plan around help you can't get.
You're the hero here. Our job is to be the guide. The Fairey Team, with eXp Realty, is based in Evans, and we help first-time buyers across Columbia County every month. Let's sort it out.
The Three-Year Rule Most Programs Use
The most common test is simple: have you owned a home in the past three years? If not, you're usually a first-time buyer again.
- Fannie Mae says you're a first-time homebuyer if you'll live in the home as your main residence and you had no ownership interest, sole or joint, in any residential property during the three years before the purchase.
- Georgia Dream, run by the Georgia Department of Community Affairs (DCA), counts you as first-time if you haven't owned and lived in a home in the last three years. Our Georgia Dream guide covers the details.
So if you sold a house in 2022 and you've rented since, you may already be "first-time" again.
Special Cases: Single Parents, Displaced Homemakers and Veterans
Fannie Mae adds two important exceptions. A single parent or a displaced homemaker still counts as a first-time buyer if, in the past three years, the only home they owned was owned jointly with a spouse. That helps a lot of people after a divorce.
Georgia Dream has its own exception. Per DCA, veterans who haven't used this kind of bond-financed help before don't have to meet the three-year rule. Columbia County isn't one of DCA's targeted areas, so most other buyers here do need to meet it.
The IRS Uses Two Years, Not Three
If you're thinking of tapping an IRA, the IRS has its own definition. Under IRS Publication 590-B, you're a first-time homebuyer if you had no present interest in a main home during the two years before you sign the contract. If you're married, your spouse has to meet that rule too.
Qualify, and you can take up to $10,000 (a lifetime limit) out of an IRA for a first home without the 10% early-withdrawal penalty, even before age 59½. You may still owe regular income tax on it. And the money has to be spent on the purchase within 120 days. Talk with a tax pro first.
FHA and VA Loans Don't Care
Here's what surprises people. FHA loans aren't first-time buyer loans. Anyone who qualifies can use one, as long as you'll live in the home. HUD allows 3.5% down with a 580 or higher credit score.
VA loans don't require first-time status either. Eligible service members and veterans can often buy with no down payment, which is a big deal for families near Fort Gordon. Our Fort Gordon VA loan and BAH guide goes deeper.
What Being a First-Time Buyer Actually Gets You
Qualifying doesn't hand you a check. It opens doors. Here are the big ones:
- 3% down on a conventional loan. Fannie Mae's standard 97% loan-to-value option requires at least one borrower to be a first-time buyer. Its HomeReady loan also allows 3% down without that rule, but it has income limits.
- Georgia Dream down payment help. As of July 8, 2026, DCA offers 5% of the price, up to $10,000, or 6% up to $12,500 for military, first responders, educators and health care workers. It's a 0% second mortgage you repay when you sell or refinance. Columbia County's Standard limits are $101,700 in household income for 1 to 2 people, $116,955 for 3 or more, and a $475,000 max price.
- Possible pricing breaks. Fannie Mae waives certain loan-level price adjustments for first-time buyers who meet its income limits. Ask your lender whether you qualify.
- Penalty-free IRA money. Up to $10,000, as above.
There's usually a small catch: homebuyer education. Georgia Dream requires it. Fannie Mae requires at least one borrower to take it when everyone living in the home is a first-time buyer. Take the class early. It's one less thing to chase later.
What It Looks Like in Columbia County
Let's put real numbers on it. In October 2026, the median Columbia County home sold for $334,000, according to Hive MLS data in our October market report.
On that price:
- 3% down (conventional) is about $10,020.
- 3.5% down (FHA) is about $11,690.
- 0% down (VA, if eligible) is $0.
Georgia Dream help is capped at $10,000 or $12,500, so on a home near the median it could cover all or most of a 3% or 3.5% down payment. You'd still need at least $1,000 of your own money or documented gift funds, plus closing costs. Our guide to down payment and closing costs shows the full picture.
You're in good company, too. In NAR's 2026 Profile of Home Buyers and Sellers, released Nov. 5, 2026, first-time buyers were 22% of all buyers nationwide. Their median age was 40, and their median down payment was 9%. Plenty of people buy their first home later in life, and plenty put down far less than 20%.
Married, or Buying With Someone?
Most loan programs look at each borrower. For Fannie Mae's standard 97% option, only one borrower has to be a first-time buyer. The IRS rule is stricter: both spouses must pass the two-year test for the IRA exception. Georgia Dream counts the income of every adult who will live in the home, not just the people on the loan.
Because rules vary, ask your lender to check every person on the loan before you count on any program.
Your 4-Step Plan
- Check your last three years. Did you own any home, alone or jointly? Write down the dates.
- Talk to a lender who does Georgia Dream. Ask about FHA, VA, conventional 3% and Georgia Dream side by side. Our guide to prequalified vs. preapproved explains which letter to get.
- Take homebuyer education if your program needs it.
- Shop inside your limits. Use our 8-step guide to buying a home in Evans and our affordability guide to set a price you're comfortable with.
What's at Stake
The cost of guessing is real. Some buyers assume they don't qualify because they owned a home a decade ago, and they leave $10,000 or more in help on the table. Others pick a lender who doesn't offer Georgia Dream, or fall for a home over the price cap, and lose the help at the last minute.
Picture This
You sit at the closing table in Evans with your keys in reach. Your down payment came from a program you didn't know you qualified for. Your payment fits your budget. And the rent check you used to write is now building your own equity.
Frequently Asked Questions
What qualifies you as a first-time homebuyer?
For most programs, you qualify if you haven't owned a home in the past three years. Fannie Mae and Georgia Dream both use a three-year test. The IRS uses two years for penalty-free IRA withdrawals.
Can I be a first-time homebuyer if I've owned a home before?
Yes. If you haven't owned a home in the last three years, most programs treat you as a first-time buyer again. Fannie Mae also has exceptions for single parents and displaced homemakers whose only recent home was owned with a spouse.
Do you have to be a first-time buyer to get an FHA loan?
No. FHA loans are open to any qualified buyer who will live in the home. HUD allows 3.5% down with a credit score of 580 or higher.
What do first-time homebuyers get in Georgia?
Depending on income, price and credit, first-time buyers may get Georgia Dream down payment help of up to $10,000, or $12,500 for military, first responders, educators and health care workers, access to 3% down conventional loans, and penalty-free IRA withdrawals up to $10,000.
Do veterans have to be first-time buyers for Georgia Dream?
Not always. DCA says veterans who haven't used this kind of bond-financed assistance before don't have to meet the first-time buyer rule. Confirm with a participating Georgia Dream lender.
Is there a first-time homebuyer requirement for homebuyer education?
Often, yes. Georgia Dream requires it. Fannie Mae requires at least one borrower to complete it when all occupying borrowers are first-time buyers. Your lender will tell you which course works.
How much do first-time buyers put down?
Less than many people think. NAR's 2026 Profile found a 9% median down payment for first-time buyers nationwide. Programs here allow 0% (VA), 3% (conventional) or 3.5% (FHA) down.
Keep Reading
- Down Payment Help for Buyers in Evans and Columbia County (Georgia Dream)
- How to Buy a Home in Evans and Columbia County: An 8-Step Guide
- How Much House Can You Afford in Evans and Columbia County?
- Prequalified vs. Preapproved
Moving here on orders? Start with our military relocation page. Still choosing a town? Explore Columbia County neighborhoods. Already own a home you might sell first? Get a free home valuation.
Notes: First-time homebuyer definition from the Fannie Mae Selling Guide glossary; 97% LTV and HomeReady rules, education and price-adjustment waivers from Fannie Mae's 97% LTV FAQs. Georgia Dream amounts, limits and rules effective July 8, 2026, from DCA, as summarized in our Georgia Dream guide. IRA rules from IRS Publication 590-B. National buyer data from NAR's 2026 Profile of Home Buyers and Sellers (Nov. 5, 2026). Market data is Hive MLS (Flexmls), Residential, Columbia County, pulled Nov. 2, 2026; deemed reliable but not guaranteed. Sources checked Nov. 10, 2026. Program rules and limits change; your lender will confirm.
This post is general information, not lending, tax or legal advice.
Photo: "A Couple Holding the Keys for a New House" by Alena Darmel, via Pexels (Pexels License). Cropped and resized. Illustrative stock photo, not a Fairey Team client.
Book Your Free Buyer Consult
Not sure which program fits you? Tell us your timeline and budget. We'll walk you through your options, connect you with lenders who do Georgia Dream, FHA, VA and conventional loans regularly, and map out your next steps. Call or text (706) 480-5203, email [email protected], or grab our free First-Time Buyer Playbook to read first.
Disclosure. This post is general information only, not legal, tax or financial advice. Laws, programs, rates and figures change, so verify the details with the appropriate licensed professional before you act. Loan rates, limits and program rules change often, and the Fairey Team is happy to connect you with trusted local lenders for the most up-to-date information. Fairey Team is a real estate team with eXp Realty, licensed in Georgia, and does not provide legal, tax or lending services. Equal Housing Opportunity.
