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re: Borrowing money from 401k...how does this work usually?
Posted on 2/23/16 at 4:54 pm to TheCaterpillar
Posted on 2/23/16 at 4:54 pm to TheCaterpillar
quote:
I'm also lucky in the fact we both have families who would be willing to help in the event of a financial issue. I just want to avoid asking for a down payment. Really wanted this house to be "ours" for some reason.
If they would pitch in for a down payment, you could always take the "loan" from them.
They put down whatever you need, you just set up an auto bank account transfer to their checking account on whatever terms you come to. I'm sure they'll even give you 0% interest if they were going to give you the money anyways.
That way you avoid all the negatives, and still get to call it your own.
This post was edited on 2/23/16 at 4:55 pm
1
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.
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