Hello:
I am terminating my contracy with my current company. I am purchasing a new house. Once my current 401K is terminated I have planned to roll thi into a IRA account. Can I take a loan against the new IRA account ?

Yes, get the 401K amount roll over to Trad IRA. You can withdraw money from IRA and use the distributions to buy, build, or rebuild a first home without any early withdrawal penalty. You cannot borrow against IRA.

Although there is no early-withdrawal penalty if the withdrawal from the IRA is for a first-time home purchase, you will have to pay ordinary income tax on the withdrawal, so it is not as attractive as a loan would have been. But as Mukata says, IRAs do not have a provision for loans like 401(k) plans do.