qualified buyers with lower incomes jump into the housing market. Just don’t expect it to pay for your mansion and a pool. Most grants help with things like: • Down payments • Closing costs • Minor upfront expenses Pr o Tip: L ook for local programs funded by your city, county, or state. They change regularly and have their own rules, budgets, and secret handshakes (okay, maybe not that last one). FHA Loans + Down Payment Assistance = Home Sweet Home Federal Housing Administration (FHA) loans are like the friendly, approachable cousin of the mortgage world. They only require 3.5% down, and they play very nicely with down payment assistance programs. That down payment? It can come from: • Grants • Gifts • Your savings • That tax return you were totally going to use for a vacation Each program has its own eligibility requirements—things like income, credit score, or being a true first-timer (meaning you haven’t owned a home in the past 3 years). The moral of the story? Help is out there. You just have to ask... and fill out some forms. (There are always forms.) IRA Withdrawals Without the Guilt (Or the Penalty) If you’ve got a retirement fund and you’re buying your first home, you can take out up to $10,000 f o $10,000 from your IRA penalty- free. You heard that right—no 10% early withdrawal slap on the 44
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