Q: MS Code § 27-7-1103 (2020): Can I transfer funds from my 1st time home buyer savings account to another account?

A: Based on my understanding of the Mississippi Code sections you referenced (MS Code § 27-7-1103 and § 27-7-1101) here are the key relevant points:

1. MS Code § 27-7-1103(3) states that funds withdrawn from a first-time home buyer savings account must be used for eligible costs related to the purchase of a single-family residence in Mississippi.

2. The code does not appear to explicitly require that the funds be directly wired from the first-time home buyer account to the closing agent.

3. However, MS Code § 27-7-1101(c) defines "Eligible costs" as the down payment and allowable closing costs for the purchase of a single-family residence in Mississippi by a qualified beneficiary.

Therefore, based solely on the statute text, as long as:

1) The funds withdrawn from your first-time home buyer account are used for eligible down payment and closing costs

2) For the purchase of a qualified single-family residence in Mississippi

3) Within 60 days after the funds are withdrawn (per § 27-7-1103(2))

Then transferring the funds to your main account a couple days before closing likely would not violate the letter of the statute or subject you to penalties.

However, I would recommend consulting with a qualified Mississippi tax professional and/or real estate attorney to confirm this interpretation, ensure you have proper documentation showing the path of the funds, and that you are fully complying with all requirements to avoid any penalties. The safest course is to transfer the funds directly from the first-time home buyer account to the closing agent if possible.