401k question

Discussion in 'UPS Discussions' started by OKLABob, Sep 12, 2019.

  1. OKLABob

    OKLABob Member

    My wife and I are building a house and need to come up with a pretty penny for closing cost down payment I don’t think I’ll need to but if I absolutely had to is there anyway to pull money out of my 401k?
     
  2. You can take a loan but the bank won't approve you for the loan if they know you borrowed the money from your 401k
     
  3. Jkloc420

    Jkloc420 Well-Known Member

    yes, you can request money for your first house purchase, you just have to copy and send in your stuff with the proper forms
     
  4. Jkloc420

    Jkloc420 Well-Known Member

    yes they will
     
  5. Jkloc420

    Jkloc420 Well-Known Member

    i got money out of my 401k for my house
     
  6. No they probably won't.
     
  7. Jkloc420

    Jkloc420 Well-Known Member

    yes because they approved me
     
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  8. Redtag

    Redtag Part on order

    People do it all the time
     
  9. Maple Grove MN Driver

    Maple Grove MN Driver Cocaine Mang!

    Wrong
    They absolutely will
     
  10. Maple Grove MN Driver

    Maple Grove MN Driver Cocaine Mang!

    Why double down when you are clearly Wrong?
     
  11. OKLABob

    OKLABob Member

    Thanks for the quick answers I appreciate it.
     
  12. OKLABob

    OKLABob Member

    How do I go about doing it? And do they penalize you a ton? I’m sure it’ll mess with my taxes as well.
     
  13. Because the bank wants to that you have other resources to pay the mortgage back off and borrow money for a downpayment or closing costs already proves that you don't
     
  14. Well you shouldn't. That money is for retirement but people don't seem to grasp that idea.
     
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  15. UnconTROLLed

    UnconTROLLed perfection

    Call the # on the website. They will mail or email you forms to fill out to apply, and they will want to see proof. The penalties aren't bad and you can decide the amount of time you want to pay it back through deductions.

    I don't agree with it unless your note will be a small % of your balance. I suggest saving your money. I'm glad to NOT have used my 401k for a down payment or closing, personally...worked out well.
     
  16. UnconTROLLed

    UnconTROLLed perfection

    I understand that but, real estate is an investment too...don't recommend it BUT there are worse things you can do.
     
  17. OKLABob

    OKLABob Member

    Im 23 with just a little over 2 years full time I started when I was 18 so it’s not like I’ve got a fortune in my 401k and I more than likely won’t even use it but it will be a last resort if it boils down to that. I appreciate all the answers guys.
     
  18. But if he quits or gets fired from this job that money he took out becomes due within 30 days or it's considered a distribution.
     
  19. You can borrow up to $50,000 but it can't exceed half of your balance.
     
    Last edited: Sep 12, 2019
  20. 542thruNthru

    542thruNthru Well-Known Member

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