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 ?
com)-- Mars National Bank is again promoting the Federal Home Loan Bank Pittsburgh's (FHLBank) program for first time homebuyers called "First Front Door.
Global Banking News-January 28, 2015--Irish central bank eases rules for first time homebuyers
First time homebuyers are probably renting, he said, "so you have helped one side of the economy at the expense of another side of the economy.
Many first time homebuyers cannot come up with the required 20 percent down.
The agency's clientele ranges from first time homebuyers, people in quest for their dream home, and real estate investors.
8220;I'm pleased our team has this new resource to help first time homebuyers,” said Shawn Proper, Mars National Bank Vice President, Mortgage and Consumer Lending.
Over 66 percent of first time homebuyers in Ottawa said that they would proceed with their plans on home purchases, irrespective of the changes in the mortgage laws announced last year.
The Fund provides equity and mezzanine financing for housing that will be affordable to the broadest segment of the housing pyramid including first time homebuyers.
The Lowry Team has worked extensively with first time homebuyers over the years, and has a comprehensive system in place to help educate the first time buyers and walk them through each step of the process.
E[acute accent]"The Premium Advantage rate plan is good for our customers because they can utilize it to qualify more first time homebuyers, and in turn, originate and sell these loans to Fannie Mae in the secondary market," said Ms.
First time homebuyers often risk buying more home than they need; this is especially true when a lender is recommending use of an ARM loan product.