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I would appreciate if anybody can help me answer the folowing questions:

Can you withdraw money from your 401k to use it to complete the downpayment of your first home without being penalized?

I heard that you can do that with your IRA account. Is this correct or I have to show proof that I am in financial hardship?

Also can I have an IRA account and at the same time a 401k through my job?
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