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- Roth IRAYes you can! But there are restrictions. The 1997 Taxpayer Relief Act, allows certain homeowners to withdraw up to $10,000 penalty free from an individual retirement account (IRA) for a down payment to purchase a principal residence. You may be required to pay income tax on the amount withdrawn so consult an accountant before making a hasty decision. If you have a Roth IRA, however, you must have had the account for five years to make tax-free withdrawals. There is a $10,000 lifetime limit with the stipulation that the money must be used within 120 days of the date you receive it. The law limits the use to "first time home buyers" but defines a first time home buyer as someone who hasn't purchased a home for the past 2 years. Couples jointly purchasing a house must both be first time buyers to qualify. It is recommended that you speak to an accountant and/or you financial advisor prior to using funds from your IRA. You may also want to consult the IRS website. IRS Website Consult with one of our loan officers to see if you qualify for your house without needing to access the funds in your IRA.
- Real Estate TaxesPayment of an obligation at the end of the period for which it is due or levied; the opposite of payable in advance. Mortgage interest and real estate taxes are generally paid in arrears.
- Income Tax- Adjusted gross income as defined for purposes of reporting under Internal Revenue Service (IRS) Form 1040 series for individual federal annual income tax purposes.
- Investment ManagementBancWest he worked at TD Ameritrade in new account sales as a licensed broker and received numerous awards for excellence in customer service, and consistently finished in the top of his department. Cameron graduated from the University of Nebraska at Omaha where he majored in finance, banking, and portfolio management. With a range of experience in the financial industry he brings a unique set of perspectives for his clients. Purchasing a home or refinancing can be overwhelming so he strives to make the process as stress-free and easy as possible. Cameron is an avid golfer who also enjoys fishing, traveling, and spending time with friends and family.