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Started By
Message
re: Using 401k / IRA for downpayment
Posted on 3/18/17 at 11:24 pm to CHiPs25
Posted on 3/18/17 at 11:24 pm to CHiPs25
quote:
Good job on having your shite together btw
quote:
my father-in-law has been saying he was going to give us money for a downpayment on the house,
quote:
I am fortunate enough that my father is giving me the money
Good job on your family having their shite together.
Posted on 3/19/17 at 1:05 pm to tlsu15
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.
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.
Posted on 3/19/17 at 4:44 pm to CHiPs25
I'm just poking fun.
Almost all of us have gotten assistance from our family in some shape or form to get what we have. I'm sure you've got your shite together too
Almost all of us have gotten assistance from our family in some shape or form to get what we have. I'm sure you've got your shite together too
This post was edited on 3/19/17 at 4:45 pm
Posted on 3/22/17 at 9:01 am to CHiPs25
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
This post was edited on 3/22/17 at 9:06 am
Posted on 3/22/17 at 6:43 pm to drewnbrla
quote:
"In-Marriage QDRO"
Never heard of this before and looked to be something that is only used in divorces. I read further about it and looks like the benefit for my application would be to remove the 10% penalty for early withdrawl of 401k. I called Vanguard and I am getting the 10% waived as part of the first time home purchaser but I will still have to pay my applicable taxes. Now, if you can figure out a way that I can get away with taking out money and not paying taxes then you'll be a rich man!
Posted on 3/23/17 at 8:41 am to CHiPs25
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.
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