First Time Buyers - Use your IRA to Buy your Home in the Austin & Highland Lakes areas of the Central Texas Hill Country

Here is another option to think about to help you buy your first home. With interest rates this low, now is a great time to buy - there are many affordable homes & good deals right now in our Central Texas Hill Country. Start by being pre-qualified by one of our Lender-Partners.

Use funds from your IRA to buy a home if you are a first time buyer (including those who have never owned a home or those who haven't owned a home in two years). Use your funds penalty free. Use it in conjunction with your
$8,000 Tax Credit and you can even put the money back to replenish your IRA when you get your Refund Check from the IRS.

Did you know that you can use funds from your IRA to buy a home? The IRS allows first time home buyers (defined by them as anyone who has not owned a home in the last 2 years - so many more people can qualify for this option) to use up to $10,000 in IRA funds toward the purchase of your first home. If you're married, and you and your spouse are both first-time buyers, you each can pull from retirement accounts, giving you $20,000 in residential cash. This is penalty free!

Even more interesting, you can share your IRA funds with family members for their home purchase. The IRS says the first-time home buyer using your IRA funds for a down payment can be you, your spouse, one of your children, a grandchild or a parent.

But, don't take your money out too soon. You must use the IRA funds within 120 days of withdrawal to pay qualified acquisition costs. This includes the costs of buying, building or rebuilding a home, along with any usual settlement, financing or closing costs.

Contact us today to start your pre-approval process with one of our lender-partners. Find out if you qualify!

Sue Ellett, Broker-Associate
Paragon Property Group - Coldwell Banker United Realtors
Texas Affordable Housing Specialist
512-422-7182
suemellett@yahoo.com