First-Time Homebuyer

First-Time Homebuyer

A person or couple who buys a primary residence for the first time. Buying a home usually requires a large down payment; for this reason, first-time home buyers are permitted to make a withdrawal from an IRA without penalty provided it is used to help purchase the home. Additionally, first-time home buyers are eligible for a substantial tax credit.
References in periodicals archive ?
17, 2015 /PRNewswire/ -- Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow[sup.
A house that a married couple continued to use while trying to sell it was their principal residence during that period; therefore, they did not meet the timing requirement to qualify for an $8,000 first-time homebuyer credit when they purchased a new house, the Tax Court held.
6111 general interest rules applicable to overpayments of tax apply to the first-time homebuyer credit.
In anticipation of the looming first-time homebuyer tax credit expiration, home builders are hedging their bets on speculative construction in the hopes that the extended April 1 deadline will incite a frenzy of last-minute purchases.
In November 2009, President Obama signed a new bill to extend and expand the first-time homebuyer tax credit.
Mortgage broker Fred Chamberlin hopes to give Eugene-Springfield an economic infusion by claiming $1 million in federal stimulus money - one first-time homebuyer at a time.
According to the IRS Website, a first-time homebuyer is anyone who has not owned a primary residence in the three years before the home purchase.
But skeptics counter that Los Angeles, state and federal governments already fund Section 8 rental assistance, low-income housing subsidies and first-time homebuyer programs.
June 16, 2015 /PRNewswire/ -- The National Association of Realtors has speculated that 2015 will be the year of the first-time homebuyer, and as many aspiring homeowners begin to dip their toes in real estate, they should prepare themselves for what can sometimes be tricky waters.
Eric Lowry, CEO and Listing Specialist, said “This was a great house for a first-time homebuyer with some beautiful updates.