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Trust Us When We Say It’s Worth the Hard Work to Save Up for a Down Payment
Pennygem
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1/9/2025
Coming up with the money to buy a home is tricky. Here are some avenues to explore. PennyGem’s Johana Restrepo has more.
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Learning
Transcript
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00:00
Coming up with the money to buy a home is tricky.
00:07
Although this may not be an option for everyone, some people may be able to withdraw up to
00:12
$10,000 from a Roth IRA account free of taxes and penalties to purchase a home.
00:18
According to CNBC, you can withdraw direct contributions because you already paid taxes
00:24
on this, but the same can't be said for any growth on your account.
00:29
You'll be charged a 10% penalty for withdrawing money unless you reach the age of 59 and a
00:34
half and have owned a Roth IRA account for at least five years.
00:39
Vestopedia recommends looking into first-time buyer offers, which also apply to people who
00:45
haven't owned a home in three years or only owned a house with a spouse.
00:50
You can also tap into down payment assistance programs like the Federal Housing Administration,
00:56
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, sell some belongings,
01:05
or even speak to family who can give you monetary gifts for birthdays and Christmas to help
01:10
you save for that down payment.
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