Posted on: 01st Mar, 2012 11:36 am
My name and my husband's name are both on the deed to our existing home. My husband's name is the only name on the mortgage. We want to sell our home and purchase a new home, with both of our names on the new mortgage. My question is 'If I withdraw funds from my traditional IRA to be used toward the new home purchase, would I qualify for the first-time home buyer penalty exemption' or would I not quality b/c my name is on the deed to our current property. Thank you.
Hi DMC!
Welcome to forums!
If your name is mentioned on the deed of your present property, then you won't be considered as a first time homeowner. So, you won't qualify for any qualify for first time home buyer loans.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned on the deed of your present property, then you won't be considered as a first time homeowner. So, you won't qualify for any qualify for first time home buyer loans.
Feel free to ask if you've further queries.
Sussane
Hi DMC,
I agree with Sussane. You won't be considered as a first time homebuyer if your name is already mentioned on the property deed. You will be considered a first time buyer only when you did not have a property in your name for the last 3-4 years.
Thanks
I agree with Sussane. You won't be considered as a first time homebuyer if your name is already mentioned on the property deed. You will be considered a first time buyer only when you did not have a property in your name for the last 3-4 years.
Thanks
What is a "first time home buyer penalty exemption"?
I have never heard of any such thing.
I have never heard of any such thing.
