Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: Can I use my 401k to help me purchase my dream home?
My plan allowed for a loan but not a withdrawal. I was expecting a large bonus in march. I knew this would be a short term loan.... if I could have waited until march to purchase I would have. Unfortunately I could not wait. Besides; I have two homes. And it makes me sleep better at night knowing that I have a safety net. 10% of my income is currently being invested into my 401k. My employer also puts 7% in on top of my 10%. Another 2800 per month goes toward mortgage payments for my properties.

Believe me; I know very well how it feels to have NOTHING. Not even food to eat or to feed to my kid. I wont be there again. I definately wont deplete my piggy bank.

Personal finance is very personal :smileyhappy: I trust my education and my gut enough to know how much risk I can tolerate in my finances and in my investments. So far I'm very happy with the results.

Also; you can buy your 1st house using retirement funds. I bought my 2nd house in January; not my first... so the withdrawal rules were not applicable to me without tacking on taxes and penalties.

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