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 ?
Statistics from the National Association of Realtors find that 87% of first-time home buyers believe they need a 10% minimum down payment.
The average age of FIRST-TIME HOME BUYERS is 38 - 11 years older than those who now own homes were aged when they bought.
He urged the Securities Commission especially to be watchful of such crowdfunding platform managers who may be tempted to build up their portfolios too quickly by lending to first-time home buyers with compromised financial credibility as they may not be able to repay their loans later.
According to DIB, its biggest home finance clients are first-time home buyers, buyers of family homes and investors looking to purchase an income-generating asset.
THE number of first-time home buyers has hit the highest level since 2007, despite deposits doubling.
The typical down payment for 60 percent of first-time home buyers is 6 percent or less, according to NAR's latest data.
This means first-time home buyers can take their time in choosing which one would serve their best interests.
More than a quarter of first-time home buyers taking out a mortgage in 2016 agreed a term of 30 to 35 years, the Halifax has revealed.
Global Banking News-November 24, 2016--Irish central bank eases deposit rules for first-time home buyers
CHICAGO, ILLINOIS: First-time home buyers are setting aside an average budget of $246,378 - up from $193,197 in 2014 - according to the BMO Harris 2016 Home Buying Survey released today.
Realtors' apex body CREDAI Getamber Anand said the tax incentive will encourage first-time home buyers and increase the demand significantly.