: Funds must be used for "qualified acquisition costs" (down payment, closing costs, or building/rebuilding) within 120 days of receiving the withdrawal.

: If both you and your spouse have IRAs and qualify, you can withdraw a total of $20,000 .

: You can use your exception to help a child, grandchild, or parent with their first home purchase, provided they also meet the first-time buyer criteria. Traditional vs. Roth IRA Tax Treatment

: You qualify if you (and your spouse) have not owned a primary residence in the two years leading up to the new home purchase.