- 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 5:55 pm to GoldenD
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
1
Posted on 2/23/16 at 7:09 pm to Teddy Ruxpin
This is true.
Already explored that with my mortgage guy.
Already explored that with my mortgage guy.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News