No Cash for Closing? There Is Another Way!!!

No Cash for Closing? There Is Another Way!!!
Did you know you can withdraw money from your IRA for your down payment to purchase a home?  First time home buyers can withdraw up to $10,000 from a traditional IRA, penalty free! If your parents or grandparents have an IRA and are willing to gift you the $10,000, they can withdraw up to $10,000 from their IRA for their child, grandchild or parent to purchase a home.
The IRS defines a first time home buyer as anyone who has not owned a primary residence in the last two years.  Consult with your CPA first, because it is important you understand that the money you withdraw from your traditional IRA will still count as taxable income, and that will mean for you.  If you have a ROTH IRA for more than 5 years, you may withdraw your contributions (not your earnings) under the first time home buyer exemption penalty free and tax free!
Not sure where to start? Give us a call, and we can help get you started on the path to home ownership! Call Dana Moore at (904) 476-2294 for more information!


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About the Author

No Cash for Closing? There Is Another Way!!!

Lisa Duke Realty, LLC

I began buying and selling real estate in 1995 for personal investments in Jacksonville, Florida. I enjoyed the business and I obtained a real estate license in 2002 to help others buy and sell homes on a part time basis. My part time efforts quickly grew into a full time real estate consulting business. Lisa Duke Realty, LLC opened in 2012 and in the first two years, our experience and staff have grown and flourished.