re: Borrowing money from 401k...how does this work usually?

quote:

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A couple questions...

Do you not have enough to cover the 3.5% down payment for an FHA loan or not enough for a 20% down payment to avoid PMI?

Also, how long will it take you to pay back the 401k loan?

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I have enough to barely hit 3.5 (which is the remnants of other expenses depleting savings), want to get to above 5…so the loan amount would not be huge, just a quick 5k or so. To pay back 5k, I’m sure a year with my other expenses/new mortgage. I could go faster if I had to I guess, but it would suck.


ETA:

I want over 5% so the PMI falls off at 78-80 owed.