First Time Home Buyer Down Payment Assistance Available In A New LoanLove.com Article

PR Newswire

SAN DIEGO, June 12, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that is dedicated to keeping new home buyers and experienced home owners updated on current news and events which could affect their home loan options or their home ownership experience. Home down payment can be a huge anchor for loan borrowers needing to pay off a newly acquired home leading many home owners to being stopped in their tracks when it comes to making certain ends meet with their homes. However, this doesn't mean it isn't possible for home owners to get aid in their down payments according to the experts at Loan Love. The latest article from loan love helps the average first time home buyer with down payment assistance while providing a few other financial options available that home owners may find useful.

Loan Love's newest article, titled "Home Loan Down Payment Assistance (Know Your Options)" first begins by mentioning: "Pulling together a sizable stash of cash can sometimes stop a prospective homebuyer in his or her tracks. Unless you qualify for certain loan programs that require little money down, you've probably found coming up with your down payment to be the biggest challenge standing between you and home ownership. But there are several avenues to consider for home loan down payment assistance.

"The article then goes on to explain that before first time home owners try and seek out down payment assistance, they must first ask themselves a few questions revolving their home's down payment. Is the source of the down payment within legal parameters? Has the home owner reviewed their down payment plan with an accountant covering all their taxes and retirement account? These are some of the few questions loan borrowers must know at hand before considering their down payment options. The Loan Love also indicates a few low risk down payment assistance options home owners may want to look into, such as:

  • Liquidating Unnecessary Assests
  • Checking Thoroughly On State And Local Housing Incentives
  • Selling Stock Options
  • Tapping Into A 401(k)
  • Cashing In On A Life Insurance Policy
  • Checking With An Employer For Down Payment Assistance Programs
  • Selling Off Other Investments
  • Maximizing Savings With A Monthly Plan
  • And Lastly, Asking Friends And Family For Support

Besides the above list of low risk options, the article also points out a few other opportunities home owners may want to consider when paying off a home. One such option includes homeowners tapping into their IRA. Loan Love further elaborates on this with the following:

"While withdrawing money from your retirement account is never worth it due to the tax implications, there is an exception on withdrawals from retirement accounts that allow first-time homebuyers to take up to $10,000 from an IRA as a down payment. Avoid simply withdrawing money from your tax-deferred retirement account. The IRS will hit you with a huge penalty and you will have difficulty ever making the amount up again.

"To lean more on what other options home owners have when it comes to down payment assistance, please visit LoanLove.com to view the complete article.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

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