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First-time homebuyers can borrow up to $10,000
without penalty from their Individual Retirement Account to cover acquisition
costs of a home. If a spouse also is a first-time homebuyer, each buyer can
borrow up to $10,000.
TIP:
Alert buyers that funds taken from an IRA must be used to pay qualified
acquisition costs within 120 days of withdrawal. Qualified acquisition
costs may include the cost of buying, building, or rebuilding a home or
the costs of financing, settlement, or closing costs.
- Try to find a co-mortgagor. Parents
who can't contribute may be willing to co-sign a loan.
- Check to see if buyers qualify for
FHA, VA, or any state or local programs to assist homebuyers.
- Discuss the possibility of a
purchase-money mortgage, in which the sellers take back a loan for all
or part of the purchase price
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Questions?
Feel free to email me & ask -
teresa@t-crealty.com
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