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Additional Details
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np1 kenobi | Is it worth avoiding paying PMI on a mortgage and withdrawing some money from retirement funds? |
Additional Details
was thinking to take out 10K from retirement funds as a first-time home buyer (hardship withdrawal) to make the 20% down.
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a a a a
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No No, don't take the 401K or IRA money out...NO NO...I wouldn't...U can get downpayment assistance, and state loans, sallie mae etc......I'm from CT...and I purchases my condo for over 155,000 and I didn't pay a dime. MY credit is great...and I got CHFA and DAP loans... Connecticut Housing Fund...and DAP is down payment assistance...See if ur state has that... the CT one is http://www.chfa.org....I believe...There are some lil things you must do, got to a class and there are some income limits and such. I make a pretty good buck also for someone who's 26...and in CT the income limits are over 100,000 b/c of Fairfield County...look into that before taking out 401k and such...also look at an 80%/20% mortgage...Countrywide does them all them all the time, that avoids paying PMI...but PMI is like less then 50 a month and not bad at all. Honest! :) My folks used to own a very large mortgage co. Mostly in the subprime market.. it's a BUYERS market now...! GOOD LUCK |
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kbemje2000
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Absolutely do NOT pull money from a retirement account. Most mortgage companies have 80/20, 80/15/5, 80/10/10 COMBO loans that avoid PMI. Some major banks have special first time homebuyer products with some income or location restrictions that have no PMI with one loan with a Below Market Interest Rate. You need to attend a Homeboy Education to teach you the basics of buying a home and obtaining a mortgage. There a many non profits that offer Home buyer Education, Call a MAJOR bank (not a broker) and find out who they are. |
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mike j
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Just so you know, if you're taking the mortgage out in 2007, the PMI is tax deductible. (Unless your adjusted gross is over 100K.) Something to consider. |
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gofrfkim
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Avoiding PMI is generally a good deal. Consider this: If you don't pay the PMI, you'll earn back the down payment over time. If you plan to stay in your home for longer than three years, it seems like a good idea to me. However, you must also take into consideration the penalties for withdrawing funds from your 401K.
Should you ultimately decide to withdraw the funds from your 401K, you should replace the funds with your tax refund. |
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DRE
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The easy answer is "no", you should get a combo loan or piggy back loan to avoid PMI. You will instead be paying more interest which is tax deductable.
it is better for you to have your 10% than that bank. |
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rhsaunders
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Maybe. I am loath to advocate pulling money from retirement funds, but this might be a case where it is justified. Run the numbers and compare doing it with not. |
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H. A
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No, not really, as they are tax deductable the first year and may be later on, as the IRS is considering to make them the same as interest. The way to beat the system is to get a combo loan, a first and a second. Get an eighty percent first mortgage and then get a heloc, (home equity line of credit), even though you won't have any equity for the twenty percent difference. Some loan programs go to one hundred percent and the PMI is included so it is already a tax deductable item. You can also get a first for eight percent and a second for the difference, however, you are going to have to have very good credit as the lenders have tightened up drastically over the last two, two and a half months, due to all the arms and stated income loans that are maturing and the borrowers can't re-qualify, which is leading to a lot of bad non performing loans. If you have five percent to put down you should be able to get a good rate with a reputable lender, and leave your retirement money alone. Remember, that money in a house is not making you a return as the house will increase or decrease in value, based on market conditions, no matter how much you owe on it, and the equity is a non performing asset, as it is just sitting in the house. |
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Cindy
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Unless the PMI is expensive. I would just pay it or ask your lender for lender paid pmi. |
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bettyboopgirl
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that won't be considered hardship...since you didn't already had the house and now couldn't pay your mortgage...
so keep in mind that you can take out for your first time home purchase and there should be no penalties...you have to check with your fund what are there rules on first time homebuyers and how much can be taken out...then you will know where you stand on what percentage will you pay your bank mortgage... |
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hey gorgeous
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it depends on what kind fund it is...if you pull money from your company's fund that youve put into you can get taxed heavily (30% for example) and therefore it would not be worth it but when you have a mortgage that also a tax savings..... |
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highjumper205
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No....get a piggy back (junior loan) at 20% and not pay the PMI....leave that money in your fund.....junior loans are becoming very popular these days... |
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