There are steps to follow when applying for a buyer grant. First, find a home buyer grant that fits you. Then, check the requirements of that grant program. Finally, find an approved lender and complete all the application forms correctly. The HUD website is a great resource for buying a home, whether it’s your first or your tenth! (https://hud.gov)
PENALTY-FREE IRA WITHDRAWALS FOR FIRST-TIMERS -TIMERS
First-time home buyers can withdraw $10,000 from their Retirement Accounts (IRAs) during their lifetime without paying the 10% penalty for withdrawal before the age of 59½, assuming specific requirements are met. The most significant requirement is that the money be used to buy or build a primary residence (not a vacation home). If you have a traditional IRA, you must pay income tax on the money withdrawn. However, Roth IRA accounts aren’t subject to additional taxes, as they are funded with money already taxed. The $ 10,000 lifetime amount that can be withdrawn penalty-free from an IRA is specific to each individual; this means a couple could withdraw $20,000 combined to pay for their first home. The person withdrawing also doesn’t have to be the future homeowner — a person under 59½ can qualify for the tax exemption if they are helping a child, grandchild, parent, or another immediate family member purchase their first home. Money withdrawn from a traditional or Roth IRA must be used within 120 days or become subject to a penalty, so be sure to plan. Depleting your retirement savings is also a risky business, as it might—over time—be more cost-effective to keep the money-earning interest rather than apply it to your down payment. Speak to a financial advisor for help with your specific situation.
OTHER HOMEOWNER TAX BREAKS: REAKS:
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