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» Can my husband and I borrow against our IRA to finance a modular home for retirement? We were hit with a large tax payment last year when we both worked and have very little down payment for a home to speak of. I no longer work and my husband will retire soon from his current employer. We should have at least 190000 dollars in profit sharing and 401K, if the markets do not fall too much more, which we will rollover into an IRA. Would lenders generally be amenable to lending 100,000 dollars against this IRA considering the credit report being positive? Some mortgage lenders will not lend that much>
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Best Answer -
You can use the cash from your IRA (up to a certain amount) to purchase a home (not an investment property, but a home that you intend to live in) without penalty.
Speak with your broker about it.
EDIT: well heres an article and apparently some IRA allow you to even buy investment property.
http://www.realtor.org/rmomag.nsf/pages/…
Other Answers (2)
You cannot borrow from an IRA.
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