Regular Contributor
Posts: 171
Registered: ‎04-30-2012
Re: Can savings come from 401k? or must be from "savings" account?
[ Edited ]

I've already gave the builder a check for $10,000 (3.5% down going FHA)  in Earnest money back in September.  $500 towards the title work, and $9500 towards the down payment which has already been cashed and cleared.


 My lender told me they may be able to offer a "lender credit" up to $7000 depending on the rates when I lock in (late March).  My closing costs are going to be about $8000 total, so I'm hoping that I won't have to come up with too much cash for closing, and I can save the cash for other things such as landscaping and what not.  I just don't want to depend on the "lender credit" just in case it isn't available.  I want to make sure I have enough cash to close if need be.  I just don't have the means to save $8000 between now and closing...maybe half that, but not $8000 unless I tap into my 401k.


Thanks for your responses all....very valuable information and I greatly appreciate the time you took out to respond!



Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700

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