What Is a First–Time Home Buyer? A first–time homebuyer is an individual who is purchasing a principal residence for the first time. A principal residence is the primary location that a person inhabits, also referred to as primary residence or main residence. A principal residence is not always a home,
What Is a First-Time Homebuyer? The term first-time homebuyer generally refers to an individual who purchases a principal residence for the very first time. First-time homebuyers often qualify for special benefits such as low down payments, special grants, and assistance with paying closing costs that are sponsored by state and federal governments. Many lenders also offer first-time homebuyers with incentives and special loans.
KEY TAKEAWAYS A first-time homebuyer is someone who buys a principal residence for the first time. Many first-time homebuyers qualify for financial help when making a first-time home purchase through various government-sponsored programs. Certain lenders also provide first-time homebuyers with certain benefits and special loans. First-time homebuyers are generally able to withdraw from their IRA without incurring the early withdrawal penalty.