New Bill Would Allow First Time Homebuyers to Use Retirement Funds As Down Payment
A New York Congressman introduced a bill this week that would allow first time homebuyers to withdraw tax-exempt and penalty-free money from their retirement accounts in order to buy a new home. The new bill introduced by Rep. Sean Patrick would allow first time homebuyers to take up to $25,000 in retirement account distributions to use toward a down payment. Real estate experts in Georgia and around the country applaud the new bill and urge Congress to pass it in order to help jump start an economic recovery.
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