We are trying to save some money for the down payment of the house that we are planning to buy next year and thinking to stop our IRA monthly contributions for this year in order to do that.Is it a good idea, or we better of just keep making contributions and withdraw them later from our IRAs if we need the money under the 1st Home Buyers criteria especially if it’s going to be penalty free?

I have $10,000 in a traditional IRA and I want to buy my first house this summer. The $10,000 would help me with pulling together enough money for a down payment. I would like to use it for this, but I don’t want to have to pay a penalty for an early withdrawal. I am 32 years old. Any advice?

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