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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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The money you withdraw from your 401K must be used specifically for the down payment. You may only withdraw the amount you need for the down payment – you cannot just keep the leftover funds. For example, if you must put $10,000 down on a home to purchase it, you may be able to withdraw $10,000 from your 401K.
There are several penalty-free ways to tap your retirement accounts for a down payment. There are several penalty-free ways to tap your retirement accounts for a down payment..
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If you want to buy a home, but don’t have enough saved for a down payment, you might wonder if it’s possible to tap your retirement fund for this special occasion. There are certain situations where using a retirement account to buy a home is allowed.
Can I use a 401k loan for a down payment with an FHA loan? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
across the country remain at reasonable levels and mortgage rates remain at historic lows, this is a good time to buy a home.. If all that’s preventing buyers from taking advantage of this market is a lack of down payment funds, taking a loan from a 401(k) plan can be a smart financial move, Meermann said.
Using 401k for down payment funds In contrast, people tend to have a lot more money saved for retirement than they have set aside for a home. With regular contributions and employer matches, people have larger 401ks than ever – the average American has a balance of $91,300 .