IRA withdrawal for home purchase

The wife and I are looking to purchase a new home in the near future. After review, I understand that we can take up to 10k from each of our individual IRA accounts without penalty. This is reserved for first time home-buyers, which also applies if you haven't owned a primary residence in the last two years.

We have owned two homes in the past, but sold our last home over 2 yrs ago, so I believe we would qualify.

Has anyone used this option or can provide additional information on how this works?

The downside to this is you are only allowed to do this once in your lifetime before retirement, so this would limit me being able to use this option for my daughter in the future if I was trying to help her purchase a home. But, that's a good time away from now, and I feel it would benefit us the most at this time.