Don't Have Enough Money For a Down Payment?
Here are some ideas on how you may be able to come with a down payment:
- Family
- Friends
- Church
- Credit Cards
- Take another part time job
until you raise enough money |
Prospective homeowners can take money out of their 401(k) or other retirement plans if the home will be their primary residence. There are two ways to do this. The less desirable way, financial planners say, is to make a "hardship withdrawal," but that is subject to a 10 percent penalty from the IRS, and the amount withdrawn is taxable as income.
A better, but not risk-free, option is to borrow the money from a 401(k) account, which many employers allow for such reasons as purchasing a principal residence or paying college tuition. Typically, borrowers have five years to pay the account back, or longer if the loan is specifically for a home purchase. Borrowers have to pay interest on the loan. But they are essentially borrowing their own money, and what they pay will go back into their 401(k) account.
A personal consumer loan from American General Financial Services can help make your dreams a reality. Loans for any purpose: vacation, home improvements, major purchases, education and debt consolidation. A variety of payment plans to fit your budget.
*Can even provide loans if you have less than perfect credit, and can even give a loan if you've got equity in a vehicle.
**Find out if you're approved SAME DAY in most cases.
