- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Borrowing money from 401k...how does this work usually?
Posted on 2/23/16 at 5:44 pm to Teddy Ruxpin
Posted on 2/23/16 at 5:44 pm to Teddy Ruxpin
quote:
If they would pitch in for a down payment, you could always take the "loan" from them.
That way you avoid all the negatives, and still get to call it your own.
They'll look at his bank statements when he applies for the loan. If he suddenly has a few thousand unexplainable dollars show up, then it won't be applicable to the mortgage unless he applies for an FHA loan. I believe it is the only loan program allowing gifts (or "loans") to be used as a down payment.
1
Posted on 2/23/16 at 5:55 pm to GoldenD
quote:
They'll look at his bank statements when he applies for the loan. If he suddenly has a few thousand unexplainable dollars show up, then it won't be applicable to the mortgage unless he applies for an FHA loan. I believe it is the only loan program allowing gifts (or "loans") to be used as a down payment.
That's not true.
ETA: They will ask him to fill out a gifting document that his parents will have to sign stating there are no contractual rights to the gifted monies, ie that its a true gift and they don't have any legal right to repayment.
This post was edited on 2/23/16 at 6:02 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News