# Money from IRA for house purchase
**URL:** https://boards.straightdope.com/t/money-from-ira-for-house-purchase/289677
**Category:** Factual Questions
**Created:** [February 12, 2005, 12:48am UTC](https://boards.straightdope.com/t/money-from-ira-for-house-purchase/289677 "2005-02-12T00:48:43Z")
**Posts on this page:** 3
**Page:** 1
### Author:  [@MaxTheVool](https://boards.straightdope.com/u/MaxTheVool)
#### Post date: [February 12, 2005, 12:48am UTC](https://boards.straightdope.com/t/money-from-ira-for-house-purchase/289677/1 "2005-02-12T00:48:43Z")
As I understand it, I can withdraw up to $10,000 from my IRA for a first home purchase with no tax penalty.
Suppose I choose not to do so, and then 3 or 4 months from now (during the same tax year), my checking account is quite depleted and I think “man, I could sure use $10,000 to help pay the mortgage”. At that point, can I withdraw that $10,000 and still get no tax penalty?
(Assume that the down payment is FAR more than $10,000)
Thanks
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### Author:  [@missbunny](https://boards.straightdope.com/u/missbunny)
#### Post date: [February 12, 2005, 1:49am UTC](https://boards.straightdope.com/t/money-from-ira-for-house-purchase/289677/2 "2005-02-12T01:49:49Z")
You do know you still have to pay income tax on it, right? You just don’t get charged the additional 10% penalty that is normally assessed on early distributions.
I thought that the check has to be made out to the lender, but I’m not positive about that.
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### Author:  [@Shagnasty](https://boards.straightdope.com/u/Shagnasty)
#### Post date: [February 12, 2005, 3:07am UTC](https://boards.straightdope.com/t/money-from-ira-for-house-purchase/289677/3 "2005-02-12T03:07:55Z")
It looks like you might be able to still take it after the fact:
“Fourth, as of 1998, you can take a penalty-free withdrawal of up to $10,000 from any type of IRA to purchase a first home for yourself, your spouse, your child or spouse’s child, your grandchild or spouse’s grandchild, your parent or other ancestor, or your spouse’s parent or other ancestor. A “first home” actually means the person’s first home within the last two years.”
[http://taxguide.completetax.com/text/c60s10d597.asp](http://taxguide.completetax.com/text/c60s10d597.asp)
As stated above, you still have to pay taxes on it. You just don’t pay the 10% penalty.