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(Cross posted on Buying or Selling a Home discussion board)

I have a small amount (about $3500) in a 401K from an old employer. Can I roll the amount over to an IRA, then remove the money penalty-free (but not tax-free) for a first time home purchase? I know there is a tax law which allows up to $10,000 withdrawal from an IRA for this…

but what I suggest seems too easy to be true...

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