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Can I use my 401K to buy a house... (if so should I?)?
Can I use my 401K to buy a house? Should I use my 401K to buy a house? First time home buyer and I need additional cash for the downpayment. I have decades before retirement and I'm thinking of using my 401K for the downpayment.
Asked By Brent | St. Louis, MO | 246 views | Finance Legal Info | 1 year ago
Answer(2)
Chris Yochum
Dickson Realty
Hi Brent, you certainly can and a great lender can advise best on how to go about. They would need to look at your situation specifically and advise appropriately. If you can save up a down payment without doing so would be preferred, though it can help you get in a home and start building equity. Each are good investments if you ask me. You may be surprised by some of the lending options that often require minimal down payment.
- 1 year ago
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Jared Ross
Berkshire Hathaway HomeServices
This is not typically an ideal situation, however it is doable. I would suggest talking to a local mortgage advisor about alternative down payment options such as grants, special loan programs, and DPA (down payment assistance) instead of defaulting to borrowing funds from your retirement accounts.
- 1 year ago
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