Asked by Christina, Norfolk, VA • Tue Aug 19, 2008
I am 41. Will be a first time home buyer. I have $45K saved. Retirement accounts - IRA, Roth, Brokerage accts, 401K. No credit card debt, no debts at all. In 28% income tax bracket. I want to use $10K in my IRA to put down towards downpayment as I understand there is no penalty. Also curious about $7,500 housing credit that was just passed. I applied for mortgage approval 8 months ago, FICO was 810. I'm looking at a $350,000 condo in Norfolk, VA. Is this too much or could I qualify with little down so I don't deplete all my cash?
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