· 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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Tips for Financing Your Down Payment. If you’re going to use your 401(k) for anything other than your retirement, a down payment is one of few exceptions that can make financial sense in certain circumstances. Other than that, there are only a few situations when you should borrow against your 401(k).
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Don’t let your 401K be a crutch on your wealth building endeavors. If you always carry the mindset that you can borrow from your 401K, you might not try as hard to build income streams that are in your control. It’s easy to get lazy when we have a crutch. Big government allows us to not try as hard.
Getting money out of your 401(k) retirement plan to buy a house without a large tax consequence is a bit tricky, but it can be done. The IRS permits early distributions from certain plans penalty-free. If you need extra cash to facilitate your first home purchase, your savings plans might be a good source to tap.
Down payment on a house (23%) This can be a good reason to borrow, especially if you are currently a renter looking to buy your first home. Again, the expenses you borrow from your 401(k) for should be able to earn you at least as much as leaving the money invested.
If your 401 (k) is your only source of cash and you’re buying your first home, your best option is to roll the 401 (k) money into an individual retirement arrangement (IRA). You may still have to pay taxes, but you can use those funds to buy a home while avoiding both penalties and the need to repay the money.
Alternatively, you may be able to use a 401(k) loan to help you make a down payment on a home, including land to build a home, or pay off your mortgage. A 401(k) loan can help buy a home without incurring early withdrawal penalties.
You must be employed and have your employer able to withhold pretax funds from your wages," says Natasha Rankin, executive director of the Employers Council on Flexible Compensation.
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There are two ways you can leverage your retirement savings to buy a house: Borrow or withdraw from a 401(k) or individual retirement account. Reduce or eliminate your retirement savings.