Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012

Re: Can savings come from 401k? or must be from "savings" account?

+1, I just got my 401K check in the mail today. There is no withdrawal or prepayment penalty as it is a 20 year residential loan. Only costs me $7 per week out of my paycheck. I plan to save in 5 years after we get settled and pay the loan back in 10 years but I took out the max term for the lowest monthly payment.

You will need to send in your Purchase & Sales Agreement and the date that is on there must be before your estimated closing date. Once you sign the contract you will have to fax it over along with your promissory note very soon thereafter as it could take some time for them to review the document. It took about two weeks to get mines. Good Luck! I'm so happy to have my savings back! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+