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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00:00coming up with the money to buy a home is tricky although this may not be an option for everyone
00:09some people may be able to withdraw up to ten thousand dollars from a roth ira account free
00:15of taxes and penalties to purchase a home according to cnbc you can withdraw direct
00:21contributions because you already pay taxes on this but the same can't be said for any growth
00:27on your account you'll be charged a 10 penalty for withdrawing money unless you reach the age of
00:3359 and a half and have owned a roth ira account for at least five years vestopedia recommends looking
00:41into first-time buyer offers which also apply to people who haven't owned a home in three years or
00:47only owned a house with a spouse you can also tap into down payment assistance programs like the
00:53federal housing administration which offers loans to low to moderate income borrowers
00:59if you're still coming up short it may be time to downsize a bit sell some belongings or even speak
01:05to family who can give you monetary gifts for birthdays and christmas to help you save for that
01:11down payment