First-time homebuyer. You may take payments from your IRA to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution.
First-time homebuyer. You may take payments from your Xxxx XXX to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution. 8) IRS levy. Payments from your Xxxx XXX made to the U.S. government in response to a federal tax levy are not subject to the 10 percent early distribution penalty tax.
First-time homebuyer. You may take payments from your Xxxx XXX to use toward qualified acquisition costs of buying or building a principle residence. The amount you may take for this reason may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution.
First-time homebuyer. You may take payments from your IRA to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a lifetime maximum of
First-time homebuyer. Home purchases funded with tax exempt bonds shall be made to Mortgagors meeting the definition of First-Time Homebuyer as set forth in the Program Manual, unless meeting an exception permitted by the Code and communicated by the Authority to the Mortgage Lender. The Mortgage Lender shall verify the First-Time Homebuyer requirement as set forth in Section 4.04 hereof.
First-time homebuyer. Except with respect to Single Family Residences located in a Targeted Area and Disaster Area or as otherwise provided in the related Invitation and in the applicable Administrator’s Guidelines, each Mortgagor must be a First Time Homebuyer. Each such person must not have had a present ownership interest in a principal residence at any time during the three-year period prior to the date on which the Mortgage is executed. For the purposes of the preceding sentence, the Mortgagor’s interest in the residence with respect to which the financing is being provided is not taken into account.
(a) A fee simple interest;
(b) A joint tenancy, a tenancy in common, or tenancy by the entirety;
(c) The interest of a tenant-shareholder in a cooperative;
(d) A life estate;
(e) A land contract or contract for deed (i.e., a contract pursuant to which possession and the benefits and burdens of ownership are transferred although legal title is not transferred until some later time);
(f) An interest held in trust for the Mortgagor (whether or not created by the Mortgagor) that would constitute a present ownership interest if held directly by the Mortgagor; and
(g) An interest in a mobile home or factory-made housing that is required to be taxed as real property under State law, is permanently affixed to realty and with respect to which the Mortgagor owns the realty on which it is affixed. Examples of interests which do not constitute present ownership interests (and thus would not result in a potential home purchaser failing to meet the First Time Homebuyer requirements) are the following:
(a) A remainder interest;
(b) A lease with or without an option to purchase;
(c) A mere expectancy to inherit an interest in a principal residence;
(d) The interest that a purchaser of a residence acquires on the execution of a purchase contract;
(e) An interest in other than a principal residence during the previous three years; and
(f) An interest in a mobile home or factory-made housing that is not required to be taxed as real property under State law, is not permanently affixed to realty or with respect to which the Mortgagor does not own the realty on which it is affixed.
First-time homebuyer. You may take payments from your Xxxx XXX to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a
First-time homebuyer. The Borrower must be a first-Time Homebuyer as determined by MOHCD and described in the DALP Manual.
First-time homebuyer. You may take payments from your IRA to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason x Aggregate Nondeductible Amount Contributions Withdrawn Aggregate IRA Balance Amount Excluded From Income may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution. 8) IRS levy. Payments from your IRA made to the U.S. government in response to a federal tax levy are not subject to the nondeductible contributions made by you through the end of the year of the distribution that have not previously been withdrawn and excluded from income. Also note that the aggregate IRA balance includes the total balance of all of your Traditional and SIMPLE IRAs as of the end of the year of distribution and any distributions occurring during the year.
First-time homebuyer. You may take payments from your SEP IRA to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution. 8) IRS levy. Payments from your SEP IRA made to the U.S. government in response to a federal tax levy are not subject to the 10 percent early distribution penalty tax.
