It depends on how much you have in your 401K and the terms of the Plan.Ask you Loan officer how much they are holding in escrow- maybe they can lower the amount to help offset monies needed to close.
If you plan administrator allows the additional withdrawal of funds you can certainly do it. If there are limitations imposed and you have to borrow the funds from your 401K then you would have to qualify for the additional loan. In short, if you have vested funds in your 401K its your money. Contact your 401K plan administrator for assistance.
It depends on your 401k program... While they are all similar, they are all also slightly different. Contact your 401k provider for their requirements. As a second option, ask your loan officer if "premium pricing" will work for you. This simply means they can increase your interest rate to lower closing costs - but it can not be used to cover down payment. www.MNHomesAndLoans.com
It really depends on how much you have access to in your 401K.. but from the lenders standpoint, there are no restrictions on how much you pull from this type of savings... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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