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No restrictions on the loan side, so it depends on the eligibility/terms of withdrawal for your investment account. Instead of hardship, have you asked if they have any options for buying a home?
@Sabrian31487 wrote:
I told them it was for a first time home buyer and they said it is only good for closing cost which I guess means I would have to come up with the money for a down payment which stinks.. I have been pre approved for fha
I would make sure you get the eligiblity/terms of withdrawal in writing. I wouldn't rely solely on what one person told you.
Have you thought about taking a loan out against your 401k? I know that with most plans you can borrow up to 50% of the vested amount.
@EvolvingCreditDiva2 wrote:Have you thought about taking a loan out against your 401k? I know that with most plans you can borrow up to 50% of the vested amount.
This is what I was going to recommend as well. With a loan, you pay yourself back. Some plans let you do this for buying your primary residence.
@EvolvingCreditDiva2 wrote:Have you thought about taking a loan out against your 401k? I know that with most plans you can borrow up to 50% of the vested amount.
^^^^^^^
50% of the vested amount of $50,000 -- whichever is lower
"I told them it was for a first time home buyer"
Who is "them"? Your plan administrator or your HR dept? My wife works for Publix and I know that her HR person is always very helpful when she needs explanation about how your plan works. That said, Publix, like all major companies, pay a plan administrator to answer your questions and help you figure out how to use your benefits. Please ask your plan administrator to point you to the verbiage in the plan documents that show the detailed restrictions/limits on your use of your savings. You may be in a difficult position because the bulk of your plan holdings is in the form of stock ... Publix stock it seems. If you can take money out of the plan, the plan administrator will have to sell the stock to have the money to then give to you. Sound slike you need to have a detailed discussion with your plan administrator. If you are not getting answers that you understand, then call on your HR department. That's what they're there for!