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Are there expenses that First-Time Home Buyer Saving Account funds cannot be used for?
Are there expenses that First-Time Home Buyer Saving Account funds cannot be used for?
Yes, funds in a first-time home buyer savings account may not be commingled with funds that would be used for purposes other than to pay or reimburse for eligible costs associated with the purchase of a single-family residence. In other words, account funds may not be held in a first-time home buyer savings account and withdrawn and used for any purpose other than to pay or reimburse for “eligible costs,” i.e., a down payment and “allowable closing costs.”