Can you roll over a 401K towards the down payment on a home?

YesIn the case of using 401k funds for a down payment you can either withdraw the funds from the retirement account or borrow against the retirement account.If you withdraw the funds you will have to pay a withdraw penalty and you will incur tax liability for those funds for the current year. However, they do not have to be repaid.If you borrow the funds, you will (likely) not have to pay a withdrawal penalty nor will you incur tax liability for funds. You would have to make pre-determined payments either monthly or direct withdrawal from your paycheck to repay the loan. For the time the funds are borrowed from the retirement account, you will also not benefit from any investment return on that balance. I would recommend you review the options with a representative from the company that administers the 401k account. There are differences from one to another and you want to be clear on that before you make a decision.Best of luck finding a home.

Not sure what you mean by "rollover"... An IRA roll over is when you leave your employer, and you roll your IRA to your new employer or brokerage account.. When you purchase a home, and you want to use funds from your 401K, you will be subject to 10% penalties and the amount you withdraw would be taxed... so if you need $10,000 for down payment, you would need to withdraw $13K to $15K so that you net the $10K you need for your down payment.. If your 59 1/2 or older, you would be exempt from the 10% penalty... the better option, as others have suggested, is to borrow against it.. 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 can use your 401k fund to use for your down payment. There are certain ways of doing this and it must be documented to lending guidelines. I can assist you in this process. Joel Lobb Loan Officer Key Financial Mortgage Louisville Ky 40222 NMLS #57916 502 905 3708 Kentuckyloan @gmail.com

Yes. You would have to pay whatever penalties that may apply for early withdrawl

yes you can, many of my clients do this. WWW> HOMEMORTGAGEXPERT>COM

You can absolutely use your 401KCall us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

You can but I recommend the option (also mentioned above) that is often available to borrow out of your 401k for the downpayment rather than withdrawing. You will likely pay a penalty if you withdraw it, as well as being required to pay taxes on that amount. With a loan you are essentially paying yourself back and it does not count as a debt.

Contact one of the fine lenders who responded to your question.

You sure can. A lot of posters say take the funds as a loan, but if your DTI is too close that may disqualify you. And your down payment funds must be seasoned.