While the name implies a one-time use, the IRS defines a "first-time homebuyer" as anyone who has not owned a primary residence at any point during the ending on the date of the new home acquisition.
You can also use this exception to help a child, grandchild, or parent purchase a home, provided they meet the first-time homebuyer criteria.
Funds must be used for "qualified acquisition costs," which include the down payment, closing costs, and expenses for building or rebuilding a home.
