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 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.
CPG has identified the first-time homebuyer market as one of the two allied real estate segments for its business expansion, with the other being leisure and tourism.
In this case, the Tax Court held that a taxpayer who acquired his first home from a family trust was not eligible for the first-time homebuyer credit under IRC Section 36(c)(5), because he purchased the home from a related person.
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.