Posted on: 08th Jan, 2007 08:49 pm
my wife and i have bought a house recently. just a week after closing, we came to know that we can use our ira towards a first time home purchase and each person can take out $10,000 towards qualified acquisition costs. we have got a 80-10-10 mortgage, 10% down payment. should we be able to use $10,000 from our iras without a penalty if we can put money in repaying our second mortgage based on 10% of the home.
Hi Bill!
Welcome to forums!
If you're not 59 and 1/2 years of age, then you will become liable for the penalty if you use IRA money to buy a property of your own. It will be better if you could use a mortgage to buy a property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're not 59 and 1/2 years of age, then you will become liable for the penalty if you use IRA money to buy a property of your own. It will be better if you could use a mortgage to buy a property.
Feel free to ask if you've further queries.
Sussane
Post Your Comment