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 ?
The surveyed senior mortgage executives said increasing the housing stock and offering consumer subsidies, such as a first-time homebuyer tax credit, could improve affordability for low- and moderate-income homebuyers.
A handful of states have signed first-time homebuyer savings programs into law, including Iowa, Mississippi, Virginia, Montana and Colorado, according to NAR.
released the eighth edition of the First-Time Homebuyer Market Report from its Chief Economist, Tian Liu, detailing data findings from the fourth quarter of 2018 and the full year.
For over 25 years, HCIDLA has operated first-time homebuyer assistance programs, providing eligible first-time homebuyers with purchase assistance in the form of a deferred-payment soft second loan to be used toward down payment, acquisition and closing costs.
Others raised questions on how to verify whether someone actually is a first-time homebuyer or if the break should be granted to a newly married couple when only one of them has never owned a home.
"The surge in first-time homebuyer demand, and the decline in overall purchases, was driven by supply-demand imbalances in today's housing market," Liu said in a statement.
Together, these developments hold the potential to unleash first-time homebuyer demand."
9 CU Times article ("3 First-Time Homebuyer Roadblocks") should give credit unions that want to increase their purchase mortgages some food for thought.
Carrington has made a public commitment to provide a more transparent, affordable and simplified home loan process to help boost the first-time homebuyer market for borrowers with modest means and less-than-perfect credit.
Runyan indicates that the IRS has recognized that using an irrevocable trust may have provided a way around the rule against related party transactions when claiming the first-time homebuyer credit, and makes clear that the practice also constitutes a related party transaction.
Russell George, an inspector general with the Treasury Department, found that the IRS paid out about $460 million in credits to at least 67,100 Americans who were clearly not eligible for the first-time homebuyer program.