Using 401k for Down Payment Costs: A Financial Advisor. – When you’re searching for a home, coming up with a large enough down payment can be challenging. If you look through your assets and see your 401k growing, that balance might tempt you to use the money to buy a house. 19 Reasons Your Mortgage Loan Could Get Rejected.
Typically, money cannot be withdrawn from the account until you reach age 59 without paying an early-withdrawal penalty, but the Internal Revenue Service permits 401k plans to allow loans, which let you access funds from your 401k plan without a penalty. If you use the loan for your home, the repayment period can be extended.
If you’re like most other first-time home buyers the biggest hurdle to buying a house is the down payment. If you have a healthy 401k account balance and buying a home will get you a payment lower than your rent, then it may be wise to use your retirement account for the down payment. If you can Pay Back to Loan in Less than a Year
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Tapping a 401K account is a tempting method of meeting the requirement. Alternative approaches include a second mortgage, which is another source of needed funds, and mortgage insurance, which reduces the down payment required. As an illustration, you want to buy a house for $200,000 and have only $10,000 in cash to put down.
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"If you withdraw funds from a traditional IRA, you must use the funds within 120 days for your down payment to avoid a penalty, so you need to time the withdrawal with your settlement date," says.
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