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Finance Dictionary and Glossary of Investment Terms
First-Time Homebuyer
Definition 1.
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 ½) 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.
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