What if I purchased my home (VA Mortgage) in 2008, with first time homebuyer credit (interest free loan) of $7500, and I now want to take money from a rollover IRA to pay off the mortgage. Would this count as a way to avoid the withdrawal penalty using the first time homebuyer allowance, even though it's all these years later? It is still to pay off the same first time home. Also, I should say that I've repaid $6k of the $7.5k that I received from the credit. Thanks for any help you can offer.
