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Moving-Thanks for all your input! I appreciate it. So from what I understand, you only had to show up at closing with $400?!?!?! Wow...what a dream that would be!
I'm hoping for a similar result. We are still about 90 days out from closing (just about to do insulation, before the drywall) so I still have time to get my ducks in a row with the 401k loan.
If I have $20k in my 401k, and my wife has the same amount in herrs, will they treat it as such that we have near $40k in "savings or reserves?"
I just don't want to have a headache because the money isn't technically liquid...
Is your house completed? Did your builder give you a date as to when you need to close by?
My lender told me to get back to them when we are about 45 days from completion to lock in a rate. Even once the house is completed, isn't there another period of time where you do a walk through and inspect for any damages, or anything that may need to be fixed before you actually move in?
I'm just curious to the timeline of events that takes place once the house is complete according to the builder. My lender said they won't appraise it until the house is completed.
I would take the loan, but be sure to pay it back before the serious penalty cutoff. Early withdrawal will cost 10% plus ordinary income tax rate. The seasoning may not be an issue with a letter of explanation and original withdrawal/deposit slips. It's your money in both places, you will just have to fully document the transfer. Show how the money got into your 401K, then how it went from there to your checking/savings.
Tshope4205 this is not truly concerning your question (sorry) but I see that your scores went up tremendously in a short amount of time. I really would like to know how you did it. I am now where you started from and I would lIke to get where you are (and are headed to). I have my townhouse up for sale and hubby and I plan to buy our dream home in a year or so but we both need to make some major credit improvements. if there is a forum where you may have explained this, please let me know and I will head over that way. Good luck with closing!! Thanks!
@daninicole wrote:Tshope4205 this is not truly concerning your question (sorry) but I see that your scores went up tremendously in a short amount of time. I really would like to know how you did it. I am now where you started from and I would lIke to get where you are (and are headed to). I have my townhouse up for sale and hubby and I plan to buy our dream home in a year or so but we both need to make some major credit improvements. if there is a forum where you may have explained this, please let me know and I will head over that way. Good luck with closing!! Thanks!
Sometimes Daninicole its just about the timing.
Many different things can impact your scores. Some things fall off over time which improves your score. Some things have to be worked on.
Every one has a different situation. Best thing for you to do is go to the rebuilding board and ask questions, and do some searching and reading. You will learn plenty and know how to start improving your scores.
Hi Daninicole - just saw this - previous poster is right, it really does depend on the situation - and the rebuilding credit & credit card boards were tremendously hepful! As for my situation, I had a few small collections that I paid & got deleted, you should be able to find a lot of information on that situation on the boards if that applies to you. I then also paid down my credit cards from about 80% utilization to about 10% utilization. It took a bit of cash, but it was totally worth it - as it jumped my score up so quickly.
Hope this helps!