1/3/2023 0 Comments First time home buyerWe encourage You to read the posted privacy statement whenever interacting with any web site. 'Colorado First Time Homebuyer.' or 'We' refers to Colorado First Time Homebuyer.Ĭolorado First Time Homebuyer is not responsible for the privacy practices of the content of any other Web sites to which We link or to which We are linked. 'You' or 'User' refers to a registered user of this Site. 'Site' refers to this Internet web site (Colorado First Time Homebuyer) and its related services. As long as the person you’re giving the money to (e.g., child, grandchild, niece, and even a close friend) is a first-time homebuyerĬan I use my CFHSA funds if I'm buying a home with someone who is not a first-time buyer?Ī: Yes, as long as you qualify as a first-time buyer. Q: Can I use the money to pay for someone else's closing costs?Ī: Yes. It also includes someone divorced who may previously have owned a home with their spouse. (It does not include land or commercial property.) If you owned a home at some point but did not purchase one — e.g., if you inherited — you can still qualify. That includes single-family homes, condos, co-ops, townhouses, or mobile homes. Q: What is considered a first-time home buyer?Ī: A first-time buyer is: Someone who has never purchased a home before. These are all considered “eligible costs.â€? There is no limit on how long the account can exist.Ī: A CFHSA account can be used to pay for just about anything related to closing on a home — anything included on the settlement statement: closing costs, inspections, lender fees, etc. There will be an annual contribution cap of $14,000 ($28,000 if filing jointly). Q: How much can I put in a CFHSA account?Ī: You can contribute up to a total of $50,000 in principal, and the account can grow in value up to $150,000. A: Almost any account you have with a financial institution: mutual funds, CSd, brokerage (stocks, bonds, etc.), money markets, insurance, even a savings account, CFHSAs can also include individual stocks.
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