re: Using 401k / IRA for downpayment

Why the emphasis on family? I've got my shite together, brah.

I am taking money from my 401k with the intention of paying it back later this year with my bonus. That means that I will be missing out on approximately 7 months of growth on $20,000 which is about $1,000 or so depending on the growth.

quote:

---

My wife and I are getting ready to purchase a home. My family owns a somewhat successful business so my father is giving me a bonus to cover some of the down payment. The house needs some work before we move in so my plan was to take about $20k from the "bonus" and use that for the repairs. I would like to take $20k from my retirement to use for some of the downpayment.

I have been reading about a first time homeowners exemption where I can use the money and pay a 10% fee ($2k) which i would be ok with.

Anyone have any experience with this that they could shed some light on?

---

Do an "In-Marriage QDRO" and skip the penalty fees and all that shite. The law firm I work at specializes in QDRO's and we have done a shite ton of them and are the only one's doing it (to my knowledge and research).

You can email me if you're interested.
<---@gmail.com

We did when we bought our house 5yrs ago, aside from that money not earning anything it was an easy decision. Only thing is you want to make sure you are not planning on switching jobs before the pay back, sometimes the repayment can be arranged with your new employers 401k but most of the time if you leave you current job you have to pay it back within 90days or it is considered an early distribution and taxed as such. We did have to disclose where we got the money from at closing - I guess they were checking to make sure it didn't affect our debt ratio.