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First Timer Benefits

Are you a first time home buyer? You may be surprised at how the U.S Department of Housing
and Urban Development (HUD) describes this title. Keep reading – meeting any of one of the
following criteria allows you to take advantage of some significant benefits as a “First Time
Home Buyer”.

• An individual who has not owned a principal residence during the three-year period
ending on the date of purchase of the property (and the spouse of such an individual)
• A single parent who has only owned a home with a former spouse while married
• A displaced homemaker who has only owned with a spouse
• An individual who has only owned a principal residence not permanently affixed to a
permanent foundation in accordance with applicable regulations
• An individual who has only owned a property that was not in compliance with state,
local, or model building codes—and which cannot be brought into compliance for less
than the cost of constructing a permanent structure

What are the benefits of being a first time home buyer, you ask? There are plenty, and you will
need to do a little research to find out about all of them. For starters, there are HUD-issued grants
and state programs you can take advantage of. In addition, if you meet one of the criteria listed
above you can withdraw IRA funds penalty-free for housing related costs.

If owning a home is part of your American Dream, it may benefit you to take a deeper look into
first time home buyer benefits. It sure won’t hurt.

Young family with real estate agent.