401k question

OKLABob

Well-Known Member
My wife is a RN house is 256k down payment closing cost 17,100. I will probably not use the money out of my 401k like I’ve said twice already I just wanted some information about it just to have it in my back pocket if I needed it.
 

MyTripisCut

“They” are coming for us.
My wife is a RN house is 256k down payment closing cost 17,100. I will probably not use the money out of my 401k like I’ve said twice already I just wanted some information about it just to have it in my back pocket if I needed it.
You can also borrow for medical bills or for funeral expenses.
 

oldngray

nowhere special
I'm done beating the drum on this.


This is why you have an emergency fund and some general savings.

You shouldn't have to borrow or make a hardship withdrawal unless their is some extreme circumstances
Its hard to tap into your 401k money by design. In order to protect it for retirement
 

Yeet

Inbound, turnaround, go to town
My wife is a RN house is 256k down payment closing cost 17,100. I will probably not use the money out of my 401k like I’ve said twice already I just wanted some information about it just to have it in my back pocket if I needed it.
$256,000 house and you’re only 23. You do you, man, but that sounds like a really bad idea. RN’s don’t make near as much as people think. When I was a surgery tech they started at $18 an hour. Again, I don’t know your finances and you’ve already made your decision, just be careful.
 

MECH-lift

Union Brother
$256,000 house and you’re only 23
I am a full-rate driver and my mortgage is about $350 a month ..these kids make a little money and they buy the biggest house/most extravagant stuff lol..not realizing down the road health issues may pop up or unexpected bills
 

Overpaid Union Thug

Well-Known 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?
Borrowing money from the 401k should only be a last resort and only for an emergency. If borrowing from your 401k is the only way you can buy or build a house then you are likely not ready yet.
 

Overpaid Union Thug

Well-Known Member
My wife is a RN house is 256k down payment closing cost 17,100. I will probably not use the money out of my 401k like I’ve said twice already I just wanted some information about it just to have it in my back pocket if I needed it.
Sounds like your mortgage will be less than 25% of your take home pay so that’s good. But I would still wait until you have at least 3 months of expenses (emergency fund) saved and the required down payment saved. Or maybe look at an FHA first time home owners mortgage. Some of those allow builds. But beware that the interest might be higher on one those.
 

UPSER1987

Well-Known Member
I am a full-rate driver and my mortgage is about $350 a month ..these kids make a little money and they buy the biggest house/most extravagant stuff lol..not realizing down the road health issues may pop up or unexpected bills
Mortgage 350 a month? Where do you live?
 

MECH-lift

Union Brother
Mortgage 350 a month? Where do you live?
Western , PA ...nice secluded place in the middle of the woods..got lucky with the purchase , an old couple was unhealthy and sold it for half what it was worth now...it’s all about investments my union brother not shiny toys
 

MyTripisCut

“They” are coming for us.
Western , PA ...nice secluded place in the middle of the woods..got lucky with the purchase , an old couple was unhealthy and sold it for half what it was worth now...it’s all about investments my union brother not shiny toys
He’s no union brother, union brother.
 

Rack em

First to worst!
I have been house hunting recently and I asked @IVE GOTTA PACKAGE 4U the same question!

I didn't anticipate the amount of money I would need to have between down payment and closing costs. I found a house I really wanted, but didn't have enough money for down and closing so I had the idea of taking from my 401k. @IVE GOTTA PACKAGE 4U set me straight pretty quick and I'm glad he did. I was smarter with my budget and started saving more and now I have enough money to close no problem. I made an offer on a house Wednesday that is even better than the house I originally wanted! I'm glad I didn't touch my 401k.
 
I have been house hunting recently and I asked @IVE GOTTA PACKAGE 4U the same question!

I didn't anticipate the amount of money I would need to have between down payment and closing costs. I found a house I really wanted, but didn't have enough money for down and closing so I had the idea of taking from my 401k. @IVE GOTTA PACKAGE 4U set me straight pretty quick and I'm glad he did. I was smarter with my budget and started saving more and now I have enough money to close no problem. I made an offer on a house Wednesday that is even better than the house I originally wanted! I'm glad I didn't touch my 401k.
I will send you the bill for my services.:happy:
 
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