borrowing from 401k to buy a home

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If I want to take a loan from my 401K to increase my downpayment to buy a home, does it affect my loan amount? In other words, do they take into account the monthly amount I have to pay for the 401K loan to determine how much loan I can take from the bank?.

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While the seller may pay some of the closing fees, you may still be responsible for assuming part of the cost. As you plan your home purchase, you may be wondering if you can borrow from a 401(k) a house if you don’t have liquid cash savings for the down payment or closing costs.

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There is one risk that is lower on borrowing from a 401K account than on the alternatives. The 401K borrower has more equity in her house, and is therefore less vulnerable to a decline in real estate prices that result in negative home equity. Negative equity may make it difficult to sell the house and move somewhere else.

Borrowing from your retirement plan to fund a down payment isn’t a terrible strategy, especially if you want to lock in today’s superlow mortgage rates (the recent average for a 30-year fixed.

Borrow from her 401(k) at an "interest rate" of 4%. Her cost of double-taxation on the interest is $80 ($10,000 loan x 4% interest x 20% tax rate). borrow from the bank at a real interest rate of.

 · Retirement Living: Borrow from your 401(k)? Sometimes you don’t have a choice. That seems to be the opinion of financial planners when facing the question: Should you borrow from your 401(k).

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401(k) loan. If you withdraw funds from a 401(k) to buy your home you will trigger steep penalties and taxes. A more economical option is to borrow from your 401(k) to buy a home. You can borrow.

So, you’ll want to check the rules on your plan to see if it allows loans, by either reading your plan’s documents or talking with your Human Resources or plan representative. If you are eligible to borrow money from your 401(k) plan consider the pros and cons before you decide to take the loan.