Marta, Home Buyer in Florida

I am 65 and want to buy a home with my IRA, which is matured. Will I be able to use that money to buy a home without penalties?

Asked by Marta, Florida Mon Apr 7, 2014

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If you want to take money out of your IRA to purchase a property you will not be assessed penalties because you are over 59 and 1/2 years of age. However you will be taxed at ordinary income for the distribution. There are vehicles that you can use if you are using the property as an investment and are not planning on living there where you can keep the money in the IRA and self direct it to purchase the real estate. There are tax rules that have to be adhered to in order to avoid the distribution and there are custodians that will administer the plan. I have helped many people purchase homes through their IRAs.
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Marta

you should be able to purchase with ira or if you have distributed account, you can get mortgage loan.

good luck

Omar Khamisa
Loan Manager
Omar@MSJMortgage.com
NMLS#: 369325
Cell: 510-648-5535
We close your loan Fast & Easy
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Thu Apr 10, 2014
You should be able to but you should contact them in order to be sure. I know there are penalties if you are under a certain age limit which I am sure that you have past. So you should be able to use some of that money towards a down payment of a new home. Either way, the best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Tue Apr 8, 2014
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