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Updated over 3 years ago, 08/11/2021

User Stats

53
Posts
3
Votes
Jack Taylor
  • Miami, FL
3
Votes |
53
Posts

First-time homebuyer definition/early IRA withdrawal downpayment

Jack Taylor
  • Miami, FL
Posted

I am looking to buy a home and may need some additional cash to complete the down payment. I have a simple IRA that I'm considering withdrawing from to complete the down payment and was hoping to fall under the "first-time homebuyer" status. I owned a condo up until April 2020, but I had actually moved out of the condo in late 2018 (nearly 3 years ago) to another state and rented it out. Does anyone know if I can withdraw without penalty given these conditions?

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