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 Glossary   >   F   >   "First-Time Homebuyer" Definition   

        First-Time Homebuyer

An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59 ВЅ) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a main home during the two-year period ending on the date of acquisition of the home for which the distribution is being made.

First-Time Homebuyer
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First-Time Homebuyer - An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59 ВЅ) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a main home during the two-year period ending on the date of acquisition of the home for which the distribution is being made.


First-Time Homebuyer : an ira owner who is exempt from the early-distribution penalty (which applies to ira distributions that occur before the ira owner reaches age 59 ВЅ) for distributing funds from his or her ira to buy, build, or rebuild a home when having had no interest in a main home during the two-year period ending on the date of acquisition of the home for which the distribution is being made.