tang91766[at]yahoo.com wrote:
- quote -

It is possible to use IRA money to buy your first house as far as I know
but you should verify that.

- quote -

Now that I doubt is possible.

- quote -

In article <1123119862.340504.138240[at]g43g2000cwa.googlegroups.com> ,
tang91766[at]yahoo.com wrote:

- quote -

That is a pretty easy question to answer. What to you intent
do use to buy food when you are 75 years old and not able to
work? Are you willing to fight the stray cats to get the
goodies out of the neighborhood trash cans? If not, then
don't touch your retirement savings.

While 401K's often have features that let you borrow money,
typical IRA's are limited to borrowing for 60 days once
per year. If you don't get the money back in by day 60,
no matter what the reason is (even if it isn't your fault),
the loan becomes a distribution will all the fees, fines,
taxes, and penalties. So, it is available, but risky.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

Dear all:

I have about $60k in my IRA. Is it possible to borrow that money
from myself for a down payment on a house?

There are some investment properties that I would like to buy and
they are in the $380,000 range. I would like to put that IRA money as
a down payment.

Please enlighten me.

thank you in advance.