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can a first time homebuyer take a withdrawal from a retirement plan?

by clarencegrey67513 from Defiance, Ohio. Jun 8th 2015 Reply


Kim Lawson (kilawson)
#55 ranked lender in Ohio - 150 contributions

If your retirement plan allows for it... absolutely! If I can answer any additional questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Jun 9th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Yes you can, but you might want to reconsider.. When lenders look at your assets, they typically only count 60% of retirement accounts because the money in that account has not been taxed and subject to penalties if withdrawn early.. so for every $1000 you pull out , you really only get the benefit of $600 and come tax time next year, your gonna owe.. Your better off going with a low down payment loan like maybe a USDA loan, which is zero down, but only available in the USDA define area. A VA loan is also zero down, but you must have VA benefits available to you to use VA.. Conventional has a 3% down payment program and FHA has a 3.5% down payment program, and both will allow for the down to be a gift.. There also might be some grant money or down payment assistance programs in your area that might be available to you as well. To find out about these programs, your best bet is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 9th 2015
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