52) A promise lacks consideration if a person promises to perform an act or do something he is already under an obligation to do. This is called a(n) ________. 52) A) illusory promise B) preexisting duty C) illegal consideration D) gift promise 53) Dean Campenella is a detective with the California state police.
What about first-time home buyers or those with little to no equity? In today's market, it is prohibitive even for the most frugal of first-time home buyers to come up with a traditional down payment. Houses that sell for $200,000 would require a down payment of $20,000 to $40,000, but there are options. Let's look at some of them.
First-time homebuyers. Though you may take money out of your 401(k) to use as a down payment, expect to pay a 10 percent penalty. However, take the money from your IRA, and it's penalty-free. The penalty-free withdrawal is not limited to first-timers either.Homebuyers must not have owned a home in the previous two years, though.Further you can take more than one penalty-free withdrawal to buy a home, but there is a $10,000 limit.irst-time homebuyers. Though you may take money out of your 401(k) to use as a down payment, expect to pay a 10 percent penalty. However, take the money from your IRA, and it's penalty-free. The penalty-free withdrawal is not limited to first-timers either.