2007-03-06 04:38:35 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
some 401k you can borrow up to half of it not he how thing. i can help with your purchase of your first home and there are many things that are out there for first time home buyers. shot me an email to cmruffin@bloomu.edu if you would like help
2007-03-06 04:44:10 · answer #1 · answered by cmruffin1 2 · 0⤊ 0⤋
You can usually borrow money from your 401k but most if not all require you to pay it back within 30 days. So i don't think you can borrow for a house without a penalty. If you draw funds out you will need to pay the penalties plus taxes.
2007-03-06 04:45:36 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Bad idea. If you lose your job with that employer in any way the loan becomes due. If you dont pay in full then, you have taken money out of your 401k which there is a 10% penalty plus a you have to pay tax on it. which would be almost 40%.
2007-03-06 05:31:04 · answer #3 · answered by heybulldog 5 · 0⤊ 0⤋
Just go for it with the guy that email you you have noting to lose all my best on buying your first home it well be fun I,m buying one too good luck
2007-03-06 06:32:14 · answer #4 · answered by pattibcacl 6 · 0⤊ 0⤋
Yes. Up to USD$10,000.00 without penalty.
After that, you will pay taxes and a 10% penalty.
Good luck!
2007-03-06 04:44:12 · answer #5 · answered by Ethan 3 · 0⤊ 0⤋