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Use IRA To Buy House
Are you a first time home buyer? Parker Mountain Properties is a Boone NC Mountains Real
Estate firm that specializes in helping first
time home buyers purchase their first property.
We are skilled in helping first time home buyers
navigate the
North Carolina Mountain Real Estate
market, with friendly advice, helpful
suggestions, and a lot of encouragement. What
many first time home buyers do not realize is
the real estate buying process is simple. When you work with a North Carolina Mountain
Real Estate agent that can best meet your wants
and needs, things fall into place quite nicely
especially when you Use IRA To Buy House.
Many first time home buyers are especially
worried about entering into a long term mortgage
commitment, or perhaps they do not have savings
available to put a large amount of money down.
If you are one of the many first time home
buyers with minimal savings, it is possible to
use money from your IRA account towards
purchasing a new home. Interested in
North
Carolina Mountain Homes? Let our
Western NC Real
Estate Agents help you find that perfect first
home.
 So how exactly do you use money in your IRA to
purchase
Boone NC Mountains Real Estate?
Typically, if you remove money from your IRA
before you turn a certain age you will incur
hefty penalty fines, and even a large tax burden
on your income. However the IRS allows first
time home buyers to take up to $10,000 out of an
IRA penalty free as long as the money is used
for building, buying, or refurbishing the
client’s first home within 120 days of
withdrawing the money. If you are married, and
your spouse also qualifies as a first time home
buyer, you can get up to $20,000 out of IRA
accounts to invest in your dream home; and this
is all penalty free.
So who exactly is classified as a first time
home buyer? Believe it or not, you may qualify
even if you have already bought property before.
A first time home buyer is classified as anyone
who hasn’t held an ownership interest in a main
home for the last two years. Some clients may
qualify for a penalty free withdrawal even if
the home will be lived in by someone else.
Therefore the money can be used to buy or
refurbish a house for your children, your
spouse’s children, grandchildren, or your
parent's or spouse’s parent's home.
Our Boone NC Mountains Real Estate firm, Parker Mountain Properties is a well established
North Carolina Mountain Real Estate firm. We can
help you buy your first home, or use money in
your IRA account to purchase a first home. Check
out our listings of North Carolina Mountain Real
Estate and you will find Blue Ridge Mountain
Homes and affordable
NC Mountain Properties.
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If you have any
questions or would like more information, please contact us
336.973.6767,
email
us, or use our online request form. |
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