You qualify if you (and your spouse, if married) have not owned a principal residence in the past two years .
The 10% early withdrawal penalty is waived, but the amount is still taxed as ordinary income . use ira to buy house
Using an Individual Retirement Account (IRA) to buy a home is a specialized financial strategy with distinct rules based on whether you intend to live in the home or hold it as an investment. For personal use, the IRS allows a penalty-free withdrawal of up to for qualified first-time homebuyers. For investment purposes, you must use a Self-Directed IRA (SDIRA) to purchase and hold the property, though you are strictly prohibited from living in or personally using it. 1. Using an IRA for Your Personal Home You qualify if you (and your spouse, if