Should I use my 401k to purchase a new home??? скачать в хорошем качестве

Should I use my 401k to purchase a new home???

With multiple buyers bidding on a shortage of available homes, buyers are looking for more ways to stand out as stronger buyers to meet their homeownership goals. 401(K)'s or IRA's can offer a cash source for buyers to tap into additional funds to purchase a home without dipping into their checking accts. If you have an IRA. First-time homeowners are eligible to withdraw up to $10k without incurring a penalty. Additionally, if there are more funds needed you may use your 401k, and here are some options to withdraw according to Investopedia. You can use 401(k) funds to buy a home, either by taking a loan from the account or by withdrawing money from the account. A 401(k) loan is limited in size and must be repaid (with interest), but it does not incur income taxes or tax penalties. While a 401(k) withdrawal is technically unlimited, it is generally limited to the amount of the contributions you made to the account and can avoid penalties if it is classified as a hardship withdrawal, but it will incur income taxes. Withdrawals from Roth IRAs, and some other IRAs, are generally preferable to taking a 401(k) loan. For more info on the pros and cons of borrowing from your 401k check out: https://www.quickenloans.com/learn/40... Erica Jackson, Bay Area Realtor Realty One Group www.FindOrSellHome.com CalBRE:02013981