December 7 2010 (Chris Moore)

Although the term “first time home buyer” implies that you must never have purchased a home before, anything could be further from the truth. In fact, most programs for first time buyers will allow you to buy a home if you haven’t purchased one in three years.

The Federal Housing Administration (FHA), a major sponsor of first-time buyer programs, adheres to the three-year rule along with many state and locally sponsored programs that also allow you to take advantage of special offers if you haven’t bought a home in the last two years.

From low-cost mortgages to down payment assistance to grants, these programs can lower monthly payments, provide cash for closing and make the numbers work for you.

Your lender or Real Estate specialist should have knowledge about what programs are available through your state. And don’t forget…many municipalities have programs too.

Click on your state below to find what type of home buyer assistance your state offers. Remember — these programs can change, so it’s wise to check the Web sites periodically for updates.

Tags: first time buyers, fha, first time buyer state programs, three year rule, special offers, low-cost mortgage, down payment assistance, grants, cash for closing