Children of any age can contribute to an IRA as long as they have earned income from a job, be it babysitting, yard work or walking neighborhood dogs. For 2013, the maximum your child can contribute to an IRA (either traditional or Roth) is the lesser of $5,500 or his or her taxable earnings for the year.nother benefit of IRAs is that your child may be able to tap into the account for qualified higher education expenses and up to $10,000 towards a down payment on a first home without penalty. With a Roth IRA, you can withdraw any contributions, but not the investment earnings, for any reason without tax or penalty.
For the last eight months of 2014, the average conventional purchase loan closed in 38.9 days, compared to 39.6 days for VA loans, according to Ellie Mae. Letâs review five key factors that could affect the timeline of a VA loan purchase.
Buying a House with a Conventional Loan 4 years after a short sale with less than 20% downpayment (i.e. 5%-15% down payment) The standard wait time to buy a house after a short sale with a minimum of 5% down payment using a conventional loan is 4 years after a short sale (or 7 years after foreclosure).