First-time Homeownership. Funds can be used for qualified acquisition costs for the participant’s first home. This includes the costs of acquiring or constructing a newly acquired residence and typical settlement, financing, or other closing costs. “First home” means that the saver has not owned a home for the past three years prior to applying for a Prosperity Savings Account (PSA). Funds cannot be used for previous payments/purchases, mortgage loans, credit cards, or other types of debt.
Appears in 3 contracts
Samples: Policies, Procedures and Plan Agreement, Policies, Procedures and Plan Agreement, Policies, Procedures and Plan Agreement
First-time Homeownership. Funds can be used for qualified acquisition costs for the participant’s first home. This includes the costs of acquiring or constructing a newly acquired residence and typical settlement, financing, or other closing costs. “First home” means that the saver has not owned a home for the past three years prior to applying for a Prosperity Savings Account (PSA). This qualified asset purchase is matched at a 4:1 savings rate. Funds cannot be used for previous payments/purchases, mortgage loans, credit cards, or other types of debt.
Appears in 2 contracts
Samples: Policies, Procedures and Plan Agreement, Policies, Procedures and Plan Agreement
