Posted on: 22nd Nov, 2011 12:53 pm
Is using 401K loan a good method to come up with downpayment? How does lender view the application when majority of the downpayment is from my 401k retirement loan under my name?
Hi tinkle,
I personally don't think that a loan from your 401k is a good way to come up with the down payment. If you do so, it will actually jeopardize your savings for your golden years. It will be better if you could save the required down payment and then apply for a mortgage.
Thanks
I personally don't think that a loan from your 401k is a good way to come up with the down payment. If you do so, it will actually jeopardize your savings for your golden years. It will be better if you could save the required down payment and then apply for a mortgage.
Thanks
Using the 401k for the down payment is fine is fine.
A house is a method of forced savijgs and can be just as good as a 401k for retirement savings.
If you pay yourself back with a 401k loan, you have not lost that savings anyway
As far as lender is concerned, it should be fine. It is your money.
A house is a method of forced savijgs and can be just as good as a 401k for retirement savings.
If you pay yourself back with a 401k loan, you have not lost that savings anyway
As far as lender is concerned, it should be fine. It is your money.
