Can I use my 401k to help me purchase my dream home?
09-22-2012 10:42 AM
OMG the house of my dreams just went back on the market. Too bad I dont feel I qualify yet. IS THERE a possiblity??
I could borrow from my 401k for home loan - currently have 30,000 not sure how much I can borrow. But my problem is that my scores dropped because I charged up on some cards and cant get them down until the end of year. Unless I use some of my 401k money to help with this?
I am in love with the house..is it a sign by it coming back up avaiable? Should I give it a shot? The house is listed for 109,000. I earn in the 60s. I do have two derogotories on my report that are from Nov 2009 (Auto repo) and 2007 (rental lease). Too largef or me to pay off - but I'd be wiling to get into a payment plan if needed.
Can I do something with my 401k money to help?? I heard there is a different way of taking money out for a home loan compared to a regurlar loan so I dont know how this effects my DTI in the end.