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IRA funds for downpayment

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Cherry Glenn

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Post Posted: Mon Oct 31, 2011 1:29 am    Post subject: IRA funds for downpayment
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Hello there… Can I use my IRA funds for a down payment on a house that I’m planning to purchase?
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sara
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Post Posted: Mon Oct 31, 2011 1:33 am    Post subject:
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Hi Cherry,

As far as I know, you will be able to use your IRA funds for a down payment on your house. If you're a first time buyer, then you can use the IRA funds without penalty as a down payment for your property.

Take care.

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Post Posted: Mon Oct 31, 2011 7:28 pm    Post subject:
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Hi Cherry!

Welcome to forums!

I agree with Sara. You can use the funds in your IRA in order to pay the down payment for your new property. However, this will jeopardize your retirement savings. So, it's better to save money for you down payment separately.

Feel free to ask if you've further queries.

Sussane
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