Can my wife and I both use our 401k for a down payment on our first home?

You can use your 401k but you may be required to provide the terms of withdrawal and hit with a payment as usually when you draw money from your 401k it is viewed as a loan.

Abosolutely, if your 401K will allow it. Using those funds are generally given as a loan and needs to be fully documented, so keep ALL the paperwork and the payment will be used in your debt to income ratios.

Yes. Buy now, as home prices are going up rapidly in your area.

yes you can!!!

Yes you can, however you need to contact your 401K provider to get approved for the loan and also need to ask them for the specifics.For example1) what is the max loan amount you can take out of y our 401K2) what repayment plan options are available3) Most 401K providers allow only 1 loan a year (even if its by mistake)Feel free to call or email us if you have any additional questions.

401k plans are intended for retirement savings. So, if you want to take money out of your 401k plan early, there are penalties and taxes. The answer to the question is 'yes'. However, for the reasons mentioned above the costs may not be worth it

Yes you can. If you need help with qualifying please let me know. I can generally issue a pre-approval in less than an hour. P: 888-320-7888 - Ken@MortgagesforAmerica.org - www.MortgagesforAmerica.org - Ken Burrows

Yes you can, now is the right time, go for it.

Hi Anderson! Typically this is a great strategy, particularly when home values are increasing. Check out the full details in a blog post I wrote about this topic last year at http://www.closewithmichael.com/2012/07/borrowing-dp-from-your-401k/ . My contact information is available at the top of that web page should you have more questions!

Sure Why Not? You Will Suffer The Penalty's - but the end justifies the means right?

You can take money out of your 401K and use it for a down payment.. you will have to pay a 10% penalty for early withdrawal (assuming your not at the legal retirement age), and you will also have to claim the money withdrawn as income on your tax returns and pay the associated taxes as well. Some 401K's allow you to "Borrow" against your account. This is also allowable for down payment, however the lender will need to know the repayment terms and the monthly payment for that loan will have to be accounted for in your qualifying ratios. .. 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. 480-287-5714 WilliamAcres.com

You should borrow against your 401K to avoid penalties and it also won't hit your debt ratios for qualifying if you do that.

Yes you can-

Yes you can. If you plan on using said funds within 60 days of your application to purchase you will need to be able to provide the following.You will need to provide your 401k statement to show your current balance.Show proof of the amount withdrawn by wire or copy of check.Show updated statement from 401k showing balance after withdraw.Show updated bank statement showing your updated balance after deposit. If you choose to borrow against your 401K make sure you provide a copy of the terms. Review all of your options with your 401K provider. Best wishes,

You just need to document the transactions and the payment will not be counted against your income for qualification soince you are borrowing from yourself! Lowest rates. Best Service. 20 years experience in the industry. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Yes you can, a great way to get the funds for a down payment!