Alternative Retirement Accounts for Mortgage Loans
When it comes to obtaining a mortgage loan, there are several options you have to choose from in retirement accounts to withdraw money from to use as your down payment. However, there is always going to be the best, decent, and worst choices to make on what accounts to use. In this case, the Roth IRA is still reigning supreme because of the already taxed money and ability to take out money without a penalty. In second place comes a standard IRA, where a married couple both with IRAs can take up to $20,000 out for being a first-time homebuyer, though you will still have to pay taxes on that amount. The least favorable choice is the 401k plan because there is a penalty for withdrawing money, and it must be paid back along with interest in the next couple of years to avoid any additional penalties. Altogether, the Roth IRA is the best possible choice to obtain a mortgage loan. Drop by Portland Mortgage Rates for great insight on mortgage rates and more.
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