I have a IRA rollover from a previous employer. Can I cash out and use the money to purchase a 2nd home?

I'm 36 and have been at my current employer for 7 years. I contribute to that 401k every month. I have a IRA rollover that's not really doing anything. It's not a substantial amount but would be enough to purchase a beach condo for me and my family. Can I cash out without penalty if I roll it into a 2nd home?