Home Buying in 94124>Question Details

jxsbondingin…, Home Buyer in San Francisco, CA

My wife and I are divorced and owned a home together. Can I still qualify as a first time home buyer and withdraw $10,000 from my IRA?

Asked by jxsbondinginsurance, San Francisco, CA Wed Nov 7, 2012

It has been 6 months since I owned a home with my ex-wife.

Help the community by answering this question:


If your name was on the Loan Papers, then you will have a waiting period of THREE YEARS from the date of Close of Escrow from selling your old house.

You could always not worry about FIRST TIME BUYER programs;
you can still buy a house.
1 vote Thank Flag Link Wed Nov 7, 2012
Lots of good answers. I would contact Ephraim Schwartz, an excellent mortgage broker.
ephraim@omglenders.com, 415-297-8514
If you are not satisfied, you can go to my website and look under resources for other bankers and mortgage brokers.

Good luck,

0 votes Thank Flag Link Wed Nov 7, 2012
Good morning,

You may want to consult with an experienced mortgage professional and discuss the details of your situation to ascetain what's available to you in terms of the right loan products, including FHA, as well as the first time home buyer qualifications. - One question for you: why take out the $10,000 from you IRA in the first place? Is that the only way you can currently own a home?

Feel free to call me at 415-200-7202.
0 votes Thank Flag Link Wed Nov 7, 2012
The definition of first time homebuyer (for lending purposes) is: no mortgage interest claimed on the previous three year tax returns.
0 votes Thank Flag Link Wed Nov 7, 2012

First I am sorry to hear that you are going through the process of a divorce. I would recommend talking with a lender about your current situation to determine the best path forward toward determining what your financing options are. As Realtor's, we are familiar with the lending process, but are not specialists. Talking with a lender would be my recommendation as a first step. You may not qualify for the first time home owner's status regarding your IRA, but many companies do allow you to borrow from your IRA so you are essentially paying yourself back.

If you would like a recommendation of a lender, do not hesitate to contact me.

Hope that helps!


Lisa Cartoalno
Alain Pinel Realtors
0 votes Thank Flag Link Wed Nov 7, 2012
To my knowledge, you have to have 3 years of 'not owning' before you can be considered a first time buyer legally. But definitely meet with a reputable lender in your community to explore your options. Best of luck.
0 votes Thank Flag Link Wed Nov 7, 2012
As someone who has had their name on documentation showing your status as a home owner, my first instinct would be to say no. I would contact a lender and explain the situation to them and find out your options.

I would be happy to refer you to someone if you're in need.


0 votes Thank Flag Link Wed Nov 7, 2012
Do you need the $10k as a part of your down payment? If that's the issue, you can qualify for FHA loans with a much lower down payment. There are other programs available as well. Feel free to call me with any questions.
Web Reference: http://www.oggikashi.com
0 votes Thank Flag Link Wed Nov 7, 2012
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