Using 401K For Downpayment

Pulling Money Out of 401k - For Real Estate For example, if you leave $10,000 in your IRA or 401(k) instead of using it for your home purchase, that $10,000 could potentially grow to become $54,000 in 25 years with a 7% annualized return.

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Your 401(k) may be the greatest asset at your disposal. Believe it or not, it’s something you can use when finding funds for down payment. But is it worth it? That depends on your financial status and goals. In this article, let’s discuss using your 401(k) for a down payment. Accessing and repaying 401(k) funds

Tapping a 401(k) to Buy a Home. Retirement plans that you can only get through an employer, such as a 401(k) or 403(b), are the most popular types of retirement accounts. If you have one, there are 2 ways to tap it: taking a loan or making a withdrawal.

Can You Use a Loan for Your Down Payment? BY The Lenders Network.. Lenders do allow you to access the funds in your 401k or IRA accounts to come up with your down payment. However, the Government charges a 10% penalty tax for withdrawing from retirement accounts before the age of 60.

Re: Using 401k for down payment Thanks for all the help–it is greatly appreciated. The great thing about my company is that I can borrow for a home loan and they will allow me 240 payments to pay it back so if I take $25k, its about $104 a paycheck which would give me.

Please keep your 401K healthy, so the collective WE don't have to. I have $20,000 in liquid cash at the moment that I was going to use to pay.

First time home buyer, can I use my 401k money for down payment without major penalty? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.