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! :-)
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