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Started By
Message
10k one time withdrawal from IRA for first time home.
Posted on 5/8/13 at 9:32 am
Posted on 5/8/13 at 9:32 am
Here is the deal, I just qualified for a 30 year at 3.375.......but its only on my income.
My wife won't be working when we move, gonna do the housewife thing. We have separate checking and she has the "emergency" fund in her account. A deposit from her isn't what the lender wants to see.
Problem is I won't be getting my sign on bonus till first day of work which is 10k but I need to have the down payment of 14k in my account. I have 4 in savings.......
If I pull this from my IRA, I'm pretty sure I won't be penalized for this 1 time withdrawal but I'm thinking I just want to put it back.
I do have 60 days to return the money correct?
My wife won't be working when we move, gonna do the housewife thing. We have separate checking and she has the "emergency" fund in her account. A deposit from her isn't what the lender wants to see.
Problem is I won't be getting my sign on bonus till first day of work which is 10k but I need to have the down payment of 14k in my account. I have 4 in savings.......
If I pull this from my IRA, I'm pretty sure I won't be penalized for this 1 time withdrawal but I'm thinking I just want to put it back.
I do have 60 days to return the money correct?
This post was edited on 5/8/13 at 9:34 am
1
Posted on 5/8/13 at 9:49 am to L S Usetheforce
Why not just wait until the bonus? Houses will still be for sale.
Posted on 5/8/13 at 9:52 am to wegotdatwood
Because I want the house I currently found and have under contract.
Between the location, floor plan, and price of the house.....it's a no brainer.
Between the location, floor plan, and price of the house.....it's a no brainer.
This post was edited on 5/8/13 at 9:54 am
Posted on 5/8/13 at 9:59 am to L S Usetheforce
Yes, 60 day rule applies.
Posted on 5/8/13 at 10:03 am to iknowmorethanyou
Thanks.
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