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re: 401K vs Buying Home

Posted on 8/9/14 at 8:12 am to
Posted by LSUtoOmaha
Nashville
Member since Apr 2004
26586 posts
Posted on 8/9/14 at 8:12 am to
You need to be VERY careful about your employment status when taking out a 401k loan. Otherwise you can end up owing the full amount of the loans within a few months of your termination/resignation.
Posted by tigerbacon
Arkansas
Member since Aug 2010
3704 posts
Posted on 8/9/14 at 8:28 am to
If you are doing an FHA loan you can roll the 5% into a down payment with no penalty. Only reason I know this is I had a friend do it a few years ago and within 2 months he realized he messed up and I still make fun of him today for it
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