From America's #1 Homeowner Organization

How to Pick a Real Estate Agent Buying your first home is a bewildering experience. Many first-time homebuyers struggle with uncertainty right up to the last moment. "How much house" can you afford? Perusing the prices in the real estate ads provides a powerful dose of sticker shock. Where should you begin looking? Wandering from open house to open house, your anxiety is compounded as fast-talking real estate brokers and loan officers spout off terms you've never heard before, such as "comps," balloon payment, or escrow. What Can an Agent Do for You? How to Find the Right Agent Who Has Your Financial Interests at Heart? Look Out for Yourself, No One Else Will Full Story   LEGISLATIVE ALERT Tax-Free IRA Withdrawals to First-Time Home Buyers Tax Kills Family Loans for Homebuyers. For most people, the highest financial barrier to owning a home is the down payment. It can be a lot easier to come up with the cash, however, with an infusion of family funds. Why not borrow some money from your Individual Retirement Account (IRA) to help the kids buy a home? Unfortunately, it's not as simple as it sounds. It's impossible to borrow funds from your IRA for a home loan without paying taxes on whatever you withdraw. That kills the idea for most people. Do the math. On a $10,000 withdrawal, you pay $2,800 if you're in a 28 percent tax bracket. After taxes, that leaves only $7,200 for your son's, daughter's or grandchild's down payment or closing costs. New Bill Axes Tax. That is why Congressman John LeFalce (D-NY) has introduced H.R. 1333, the "First-time Homebuyer Affordability Act." Under the proposed bill, anyone can make a first-time homebuyer loan to a child, grandchild, spouse or grandparent using up to $10,000 in IRA funds--without paying income taxes on the withdrawal. A first-time homebuyer is defined as someone who hasn't owned a principal residence for 24 months. Full Story