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 The $ 10,000 lifetime amount that can be withdrawn penalty- free from an IRA is specific to each individual; this means a couple could withdraw $20,000 combined to pay for their first home.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. The money withdrawn from a traditional or Roth IRA will need to be used within 120 days or become subject to a penalty, so please be sure to plan. However, 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 applying it to your down payment. Additionally, withdrawing from a traditional IRA will result in income tax, which could be significant depending on the withdrawal size. If you are using your retirement account(s), I r t(s), I recommend you speak to a financial advisor first.
Steps to Apply for a Buyer Grant
• Identify the suitable grant for you: Research various grants available in your prospective area. Each program will have different eligibility criteria. • Understand the requirements: Each grant will outline specific qualifications, so ensure you know what's needed. This understanding will prepare you for the application process and make you feel knowledgeable and confident in your eligibility for the grant. • Finding an approved lender is a key step in applying for a buyer grant. Collaborating with lenders familiar with the grant process can streamline your application and increase your chances of success. This is a crucial step
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