I just came across this interesting article on the Forbes website, "Should You Use Your Retirement Savings to Buy a Home?". Its something that I know many buyers are curious about.
Coming up with a down payment for a home can be very difficult, especially for many first time home buyers. This article mentions that there may be some ways to get you closer to that down payment.
Most people would have a better chance at acquiring a mortgage loan if they were able to put 20% down. I don't know about you, but thats a lot of money to save up and could take a long time! My husband and I were looking for a home of our own and we decided to wait another year to buy- we realized how hard it would be to get all that money upfront, without being "house poor".
This article mentions that First Time Home Buyers, who are defined as either never owning a home before, or not owning a home for the past 2 years (even if you've owned a home in the past), may be able to dip into their retirement account for additional funds. The IRS is offering a no penalty, and tax break for those first time home buyers of up to $10,000!
Take a second and read this article to see if this can apply to you!