TMF Runkle wrote:However, check to make sure your lender will let you borrow from your 401(K) for your downpayment. A few years ago I was selling a house, and the finance company killed the loan because the buyer did just that. He had a lot of other problems though, so it might not be the same for everybody.It must depend on the situation. My wife and I just bought a house using 1/3 savings and 2/3 money borrowed from our 403(b)'s (we work for the University of California, so that's our 401(k) equivalent). While it was a factor in determining our qualification for the mortgage, it was so only because the loans represented extra montly debt service. Since we had no other debt, it wasn't a problem.-- Don
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<