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I'm a first time home buyer. I want to use the Roth IRA account to help purchase it. Here are my questions:

1) My roth IRA account is relatively new, of course. To withdrawl money for a house without penalty, did the money have to be there a certain length of time? For some reason I remember hearing that only after 5 years can money in a roth be used for a home without penalty.

2) Can my spouse and I withdrawl up to $10,000 each from our roths and the house only be put in one of our names?
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