One of the easiest ways you can prove this and avoid the early withdrawal penalty is by taking disability payments from an insurance company or through Social Security. IRA Hardship Withdrawals for Health Insurance Premiums If you've been unemployed for at least 12 weeks, you can take an IRA hardship withdrawal to pay for health insurance premiums. To keep a clean record, however, you should consider sending the payments directly to the insurance carrier. You should also transfer the withdrawal into a separate bank account and use it to cover your premiums. IRA Hardship Withdrawals for First-Time Homebuyers Considering owning your home anticipating trouble paying off your mortgage? The IRS offers a solution. You can take an IRA hardship withdrawal to pay it down. But you can only do so if you haven't owned another home in the last two years. However, this kind of withdrawal can't exceed $10, 000. That's your lifetime limit. So you can take out multiple withdrawals to cover the costs associated with purchasing a home.
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For example, if an appraiser values your home at $200, 000, 20 percent equity would be $40, 000 ($200, 000 value times 20 percent). This means that, if your outstanding VA loan on this property was less than $160, 000 ($200, 000 minus $40, 000), you would have greater than 20 percent equity – and wouldn't need to pay PMI on a conventional refinance. Takeaway: for veterans considering refinancing, if you'd like to avoid paying PMI on a conventional loan, make sure you have at least 20 percent equity in your homes. After reviewing the above, if refinancing from your current VA loan to a conventional loan makes sense, here are the steps to do it: Step 0 – confirm your equity (optional, but recommended): While you don't need to have 20 percent equity in your home to refinance into a conventional loan, you'll have to pay PMI if you do not. You'll need to factor these additional payments into your monthly budget. To save money in this step, you can use a home value estimator like Zillow for a rough value.
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