First-Time Homebuyer

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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 ?
The Banking and Payments Federation Ireland (BPFI) has enhanced its demand for retaining the Help to Buy scheme for first time home buyers.
However, it advised the authorities to be vigilant in checking the profiles of first time home buyers and fund managers to ensure the mortgage crisis that hit the US over too-easy lending does not happen in Malaysia.
Henderson first time home buyers are often surprised to find how cheap homes are in the area as many are coming from out of state.
"Reviewed By Jamie Michele for Readers' Favorite Buying a Home: A No Nonsense 20 Step Guide to Buying Your Home from Pre-Approval to Closing (First time home buyers, New Home, How to Buy a Home, Steps to Buying) by author Lady Donegal is a quick and straightforward reference for first time home buyers.
From first time home buyers to long time homeowners, she gives each client the focus and attention they need throughout the process as well as after the transaction is completed.
First time home buyers from tomorrow will get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh.
Even though they represent only a portion of real estate transactions each year, first time home buyers play a uniquely important role in the market, according to economists with the National Association of Realtors and the Mortgage Bankers Association Without sufficient numbers of first time home buyers, the construction industry falters in many areas and lower demand for existing homes prevents their owners from selling them to move to bigger homes or homes in different areas, the groups noted.
The government will introduce two types of mortgages, which are available to first time home buyers and designed to help them hedge risks related to home purchases.
"First time home buyers can become overwhelmed with all the steps required to purchase a home and often need to make a quick decision about home insurance," says John Jenner, vice-president of marketing and communications at Western Financial Group.
HSBC Holdings (LSE: HSBA) has announced that it is launching a mortgage product for first time home buyers.
NAR chief economist Lawrence Yun said the government's tax credit for first time home buyers "is helping unleash pent-up demand" from renters.