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IRA funds for downpayment

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Cherry Glenn Guest	Posted: Mon Oct 31, 2011 1:29 am    Post subject: IRA funds for downpayment Like 0 Dislike 0 Hello there… Can I use my IRA funds for a down payment on a house that I’m planning to purchase? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Mon Oct 31, 2011 1:33 am    Post subject: Like 0 Dislike 0 Hi Cherry, As far as I know, you will be able to use your IRA funds for a down payment on your house. If you're a first time buyer, then you can use the IRA funds without penalty as a down payment for your property. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Oct 31, 2011 7:28 pm    Post subject: Like 0 Dislike 0 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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