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Rocket01 wrote:For those who frequent this board, they all know that I'm getting married next week (woo hoo!). And of course my soon to be DW and I are bringing our finances together and figuring out the best path forward so we can buy a house soon.Questions -Does 401k count as assets, or do I need to apply some kind of factor?3 to 6 months needed in assets...is this 3 to 6 months Gross, net, or living expenses?To build assets should I put more in my 401k or should I scale that down and to put money in savings account? Does it matter?
bdog94tiger01 wrote:How about assets in a Roth IRA?? Are they counted at 100% because the money has been put in Tax free. Also, how are those assets look at if you borrow against either (or both) to increase your down payment??
bdog94tiger01 wrote:How about assets in a Roth IRA?? Are they counted at 100% because the money has been put in Tax free. Also, how are those assets look at if you borrow against either (or both) to increase your down payment??
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Rocket01 wrote:We may be looking more at the $350k range for a house with 100% financing. Here's the numbers that are associated with this.Under this scenario...PITI is $2800/monthExpenses - $7000/monthNet Income - $8000/month401k assets - $50kCash Savings Reserves - $20kSavings for Closing costs - $15k