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re: Would it ever be ok to tap into 401k for a first time home purchase?
Posted on 10/30/15 at 11:20 am to anc
Posted on 10/30/15 at 11:20 am to anc
quote:
insurance would be around $100 a month.
You must not live in S. Louisiana... I have about a $180K house and between regular homeowners and flood our escrow just for insurance is $350/month.
Posted on 10/30/15 at 11:22 am to yellowfin
quote:
if I can't save at least 5% toward the purchase of a home without pulling from my 401k then I'm not going to buy that home.
What if they saved up 4 percent already and just need to take out 1 percent plus closing costs (assuming they can't get them all paid by the seller).
I would be hesitant to suggest that anyone take out the entire down payment, plus all closing costs, out of a 401K. But using it as a small bridge loan for a portion can make some sense in some situations (very few, but not none).
Posted on 11/1/15 at 12:49 am to Herb484
Are we talking about a pull out or a loan?
Two very different situations.
Two very different situations.
Posted on 11/1/15 at 7:21 am to Volvagia
quote:OP wrote tap into. That could be a loan or a distribution. Distributions would almost always be unwise due to the potentially negative tax and investment consequences. There are more circumstances in which a loan might be a reasonable decision.
Are we talking about a pull out or a loan?
Posted on 11/2/15 at 2:17 pm to Herb484
taking out a loan from your 401k might be alright but not withdrawing from it.
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