When it comes to paying for a down payment on a mortgage loan, coming up with the amount is possibly the hardest part of the entire loan. Monthly payments are doable, because you can use your income to maintain financial stability, but getting that big chunk of change is not the easiest feat to accomplish. With your Roth IRA, a retirement account, you can withdraw funds because it is money that has already had taxes paid on. Therefore you are able to take out funds without a penalty or any additional taxes. As a first-time homebuyer, you are able to withdraw up to $10,000 for the sole purpose of purchasing a home. As long as you’ve had the account for a total of five years then you will receive no penalty for taking this money out. This is an excellent option to consider making your down payment with because it does not interfere with your everyday expenses and can be that “lump sum” of money you need to seal the deal. Go to Portland Home Mortgage for good videos and great tips on mortgage.
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