Skip to playerSkip to main contentSkip to footer
Pennygem
  • 4/25/2024
Coming up with the money to buy a home is tricky. Here are some avenues to explore. PennyGem’s Johana Restrepo has more.

Category

📚
Learning
Transcript
00:00 [MUSIC]
00:03 Coming up with the money to buy a home is tricky.
00:06 Although this may not be an option for everyone,
00:09 some people may be able to withdraw up to $10,000 from a Roth IRA account
00:15 free of taxes and penalties to purchase a home.
00:18 According to CNBC, you can withdraw direct contributions
00:22 because you already paid taxes on this,
00:24 but the same can't be said for any growth on your account.
00:28 You'll be charged a 10% penalty for withdrawing money
00:32 unless you reach the age of 59 and a half
00:35 and have owned a Roth IRA account for at least five years.
00:39 Vestopedia recommends looking into first-time buyer offers,
00:43 which also apply to people who haven't owned a home in three years
00:47 or only owned a house with a spouse.
00:49 You can also tap into down payment assistance programs
00:53 like the Federal Housing Administration,
00:55 which offers loans to low to moderate income borrowers.
00:59 If you're still coming up short, it may be time to downsize a bit,
01:03 sell some belongings, or even speak to family
01:06 who can give you monetary gifts for birthdays and Christmas
01:10 to help you save for that down payment.
01:12 [MUSIC]

Recommended

1:15
Up next
Trust Us When We Say It’s Worth the Hard Work to Save Up for a Down Payment
Pennygem
1/9/2025
1:15
How You Can Get Your Hands on That Down Payment for Your Dream Home!
Pennygem
5/1/2025
1:07
How To Get Your Home Ready for Retirement
Pennygem
3/6/2024
1:08
How To Pay Off Your Mortgage Faster
Pennygem
9/22/2021
0:59
Retirement Discussions Should Revolve Around Other Things Beside Just Saving Money
Pennygem
3/17/2025
1:00
Putting Together a Down Payment For a Home Is Actually Easier Than You Might Think
Pennygem
5/6/2022
1:07
Getting Your Home Ready for Retirement
Pennygem
3/29/2021
1:07
Everyday Expenses That Can Drain Your Savings
Pennygem
6/13/2024
1:12
Homeownership Alternatives You Should Consider!
Pennygem
10/20/2023
1:07
Keep Your Impulse Purchases in Check With One Simple Rule
Pennygem
4/13/2022
1:19
How A Little Help With Rent Can Go A Long Way!
Pennygem
8/13/2024
0:59
Why Going For That Second Hand Item Can Save You a Ton of Cash in the Long Run
Pennygem
4/27/2025
1:05
How To Make Sure You’re Always Prepared For Those Rent Increases
Pennygem
3/28/2025
1:18
This Is How Much Money You Need To Put Down on a House
Pennygem
10/14/2024
1:02
Maximizing Credit Card Rewards For Big Purchases
Pennygem
4/7/2021
1:05
How to Get Out in Front of Rent Increases That Happen All the Time!
Pennygem
6/24/2024
1:10
Paying for Medical Expenses in Retirement is So Important!
Pennygem
4/29/2025
0:55
Spruce up Your Home Without Having To Remodel or Spend a Lot of Money
Buzz60
1/7/2021
0:59
Buying These Certain Products Second Hand or Off Brand Could Help You Save Money
Pennygem
8/30/2021
1:05
7 Tips To Help Save You A Mortgage Deposit I The Money Edit
The Money Edit
10/23/2023
1:05
7 Tips To Help Save You A Mortgage Deposit | The Money Edit
The Money Edit
1/23/2024
1:12
Looking To Pay For Those Costly Home Renovations? Here’s How To Do It The Right Way
Pennygem
2/21/2024
0:35
How to Make 3-Ingredient Pool Wine (Frosé)
Southern Living
yesterday
0:35
Pool Water aka Frosé Recipe
Southern Living
yesterday
0:27
How Shuai Wang’s Grandmother Inspired His Style of Cooking
Southern Living
yesterday