endthefed

The purpose of the withdrawal is to have more cash liquid. Currently I have enough cash to close + 10k reserve left over. If I can get another 10k from my IRA that leaves a lot more cash for furniture, repairs, upgrades etc. The IRA plan is a bit different than the 401k thing you are talking about. The way it works is just simply you can withdraw 10k and don't need to pay the early withdrawal penalty, only normal income taxes. I just am not clear on the timing of it. Asking an accountant would be wise if I had one

I'm a first time homebuyer and I know I can withdraw up to 10k from my IRA towards the home purchase. I read I have 90 days from the withdrawal to use the funds. Does it matter if I make the IRA withdrawal after closing? I'm going to only have like 2 days between getting "clear to close" from the bank and the settlement date. I don't want to withdraw from my IRA early in case the deal falls through. So can I just close, and then immediately do the withdrawal?

Thanks all that's a bit reassuring. I've been saving and working towards this for yearsss now. It is beyond stressful having the situation out of my hands at this point and just waiting for however long it takes to hear from the lender. And no, luckily no bunny ranch or internet porn charges Just some bitcoins and gambling.

Thanks! I don't need that cash specifically. My total cost to close (down payment + costs) is $30k and I have about $40k in cash plus $40k in retirement accounts.

Have an application in for a first home mortgage and thought I was a very strong candidate. I'm doing a 5% conventional. As to my strengths, I have 800 credit scores, mortgage will only put me at 26/26 DTI, and I have a solid 6 year verifiable job history without gaps. I also have about 40k cash liquid. What I'm worried about are my recent bank statements which look atrocious. I got married last month and did a honeymoon involving a few days in vegas. I withdrew 1800 cash in vegas from an ATM, ended up breaking about even on gambling, and then deposited $1900 cash into my account after getting home. So from there I continued to push my luck gambling. Went to another casino twice, each time withdrawing $500 cash and more or less breaking even. I then made several bitcoin purchases totaling about $1000. So all this chocolate makes me look like a degenerate. The truth is though, I actually didn't really lose much money at all from all these huge cash transactions. And I normally do not do this anyway. Is it going to screw me? Do I own up to gambling to my underwriter, or make up a story?

You say you are buying a specific home, but I don't see how you can be so sure you are buying it before even being preapproved for a loan. Why not buy a home in the 600k range that you can pay for all in cash, and then in a few years (while you build credit) if you're not satisfied upgrade to a better one? Maybe in a few years from now you could find yourself ready to purchase a million dollar home if you play your cards right.

I'm talking out my Censor here but I don't think they would matter. As long as you have good credit history and good DTI all should be fine.

I'm considering buying my first home soon and I'll be able to put 10% down on a 30 year traditional mortgage. I really want to avoid PMI so my two options are to either spend 18 more months saving up to make a 20% down payment, or buy now and make additional payments every month such that within roughly 18 months I reach 80%LTV, assuming the home value remains constant. If I went with the latter option and bought now, what is the process to have PMI removed? I assume I need to get an appraisal after I think I reached 80%LTV, but how does this work? Are the appraisals generally favorable? Is there a chance they decide I overpaid for the house and appraise it at less, even if the general market doesnt change much? And what are the total expenses I would be looking at for getting appraisal and dropping PMI?

So many offers... I don't know where to begin. I want a good cash back card for daily use. No specialties...just the basic gas/groceries/everything else would be good. My FICO is 732 (just pulled today). Any recommendations?

Yes he is a pretty good guy. He was a half hour late to our only appointment so far and it's not even his area, which I'm not comfortable with. But he's very friendly and has been sending me lots of custom searches and stuff. I think my problem is I don't yet know what area I want to buy in. I'm looking in like a 40 mile radius of where I work. Once I narrow it down to a certain area it might make more sense to find an agent knowledgeable about that area.

Thanks that makes sense. I'm still not sure what service he is providing me that I couldn't do myself, but I guess if it truly is no cost to me it can't hurt.

I'm in the early stages of shopping for my first home. I found one home I liked on realtor.com, sent an email, and made plans to go see it. The realtor I met there was not the listing agent, and it's not even the area he works in. It's my guess realtor.com sells the leads the agents? So now this guy is sending me emails every week about new places and I guess he is my "Agent" now. What I don't really understand is if I even need him. I can find places just fine myself, and couldn't I just contact the listing agents directly to see them? Also where do buyers agents get paid from? He told me there is no fee to me, but I just don't understand where his commission is coming from then. I'm in PA if it makes any difference.

Hi I'm in the market to purchase my first home soon. I'm looking at homes listed from about 225k to 250k. I'm preapproved and can handle the monthly payments with ease, but the money up front will be tricky for me. I have about 13k that I could part with towards down payment and closing costs. Estimates have shown me I'll need more like $20k for down payment and closing costs combined. I've been told I can negotiate with sellers to have them "assist" and basically give me the 7k or whatever I need so I can make the purchase. Is this possible with short sales too? Or do I need to have the full 20k for that? BTW my credit scores were in the 500s when I started here 3 years ago, and are now in the 700s.

Thanks Brian. I'd much prefer to buy myself and rent to her but I think I won't be able to get the loan I want without her on it. We're looking at houses in the 280k range and I don't know if I'd be able to get a loan of that size with only my income considered.

My girlfriend, who I've been with for over 3 years, and myself are considering buying a house soon. I'm looking for some more info of how this works and the pros and cons. I will be making the down payment and paying closing costs by myself, with no help from her. I will probably end up paying 60% of the mortgage payments every month, and we will split bills equally. That's fine with me. She makes 46k/year and I make 65k/year. I have savings and she doesn't(She's only 23 and I'm 5 years older). My credit scores are around 700 and I think hers are probably around 750+. Neither of us have any outstanding debt, other than my car payments and her student loan payments. So what are the ramifications of proceeding this way? Are the banks going to give us a higher rate or be less likely to lend to us due to us not being married? How do I go about drawing up a contract protecting my investment so if we split up she would only be entitled to what she put in, and not half the total equity? Do I need a lawyer for this? Oh and it is very likely we will get married in the next couple years. It just makes more sense for us to buy a house now than it does to get married. And we already do live together and split everything down the middle. We are just sick of renting. Thanks!