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Loan from 401k
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<blockquote data-quote="Dfigtree" data-source="post: 241505" data-attributes="member: 5050"><p>A quick google provides this link:</p><p> </p><p><a href="http://en.wikipedia.org/wiki/401(k)#Withdrawal_of_funds" target="_blank">http://en.wikipedia.org/wiki/401(k)#Withdrawal_of_funds</a></p><p> </p><p>I seem to recall this question coming up before. Basically, if you need to hit up your 401K to afford a house then you cannot afford the house. Have you calculated your monthly expenses on this home? I think you may have difficulty making the replenishment payments back to your 401K. And there may go your retirement funds. There are more data needed to analyze your situation. Do you have credit card debt? What is your FICO score? How old are you? Do you have college bound offspring? Do you have/need life insurance (term) to protect your family. Etc, etc, etc. Pay your mortgage out of your paycheck. Do not sacrifice your retirement for a house. Good luck. IMHO.</p></blockquote><p></p>
[QUOTE="Dfigtree, post: 241505, member: 5050"] A quick google provides this link: [URL]http://en.wikipedia.org/wiki/401(k)#Withdrawal_of_funds[/URL] I seem to recall this question coming up before. Basically, if you need to hit up your 401K to afford a house then you cannot afford the house. Have you calculated your monthly expenses on this home? I think you may have difficulty making the replenishment payments back to your 401K. And there may go your retirement funds. There are more data needed to analyze your situation. Do you have credit card debt? What is your FICO score? How old are you? Do you have college bound offspring? Do you have/need life insurance (term) to protect your family. Etc, etc, etc. Pay your mortgage out of your paycheck. Do not sacrifice your retirement for a house. Good luck. IMHO. [/QUOTE]
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