Do your research, and check what grants are available in the community you’re planning to move to. There are steps to follow when applying for a buyer grant. First, find a home buyer grant that fits you. Then, check the requirements of that grant program. Finally, find an approved lender and fill out all the application forms correctly. The HUD website is a great resource for buying a home, whether it’s your first or your tenth! (https://hud.gov) The Moore Team closes loans with NH & MA Housing all the time. I personally love when I am able to help my buyers acquire down payment assistance or a credit towards their closing costs when they never expected. This makes all the hard days in this industry worthwhile - when I'm able to save 1st-time homebuyers north of $10,000 at closing, they're super appreciative & happy, the realtor who referred them to us is happy, and we close on time with all parties feeling more than satisfied! Overjoyed!
PENALTY-FREE IRA WITHDRAWALS FOR FIRST-TIMERS -TIMERS
First-time home buyers are eligible to withdraw $10,000 during their lifetime from their Individual Retirement Accounts (IRAs) without paying the 10% penalty for withdrawal before the age of 59½, assuming certain requirements are met. The biggest requirement is that the money must be used to buy or build a primary residence (not a vacation home). If you have a traditional IRA, you’ll have to pay income tax on the money withdrawn. Roth IRA accounts, however, aren’t subject to additional taxes, as they are funded with money that has already been taxed. The $10,000 lifetime amount that can be withdrawn penalty-free from an IRA is specific to each individual; this means a couple could withdraw $20,000 combined to pay for
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