Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Indiana > Northwest Indiana
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-04-2016, 09:20 AM
 
2 posts, read 1,451 times
Reputation: 10

Advertisements

Hello. My husband purchased a home for us a few months before we were married. My name was not on the title. Is this also considered to be my first home? We're looking to purchase a new home, and wondering if we can get certain benefits that come along with being a first-time home buyer - such as taking money out of my 401K without penalty for a down payment - if we put the new house under my name? Or since we got married shortly after he purchased our previous home, is it also considered to be my first home?

Not trying to work the system, just wanting to figure out our best course of action!

Thank you!
Reply With Quote Quick reply to this message

 
Old 04-04-2016, 12:43 PM
 
Location: Bloomington IN
8,590 posts, read 12,347,410 times
Reputation: 24251
Based on this table, withdrawals from 401Ks are not included in that benefit.

https://www.irs.gov/Retirement-Plans...-Distributions

I don't know about your situation. I do know that in 2008-2010 when the first time homebuyer credit existed, married couples were NOT eligible if either had owned a home in a certain time period.
Reply With Quote Quick reply to this message
 
Old 04-05-2016, 07:54 AM
 
2 posts, read 1,451 times
Reputation: 10
Thank you for your help! I will look further into this.
Reply With Quote Quick reply to this message
 
Old 04-06-2016, 11:29 AM
 
51 posts, read 69,527 times
Reputation: 88
Oh my goodness, DO NOT take money out of your 401k for a down payment on a home! Just wait until you have more money saved up. That is a horrifically bad idea!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Indiana > Northwest Indiana

All times are GMT -6. The time now is 03:41 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top