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That threshold can look very different from one city to the next. For instance, someone in Atlanta only needs to earn about $40,000 to afford a monthly mortgage payment – one of the most affordable.
You can use 401(k) funds to buy a home, either by taking a loan from the account or by withdrawing money from the account. A 401(k) loan is limited in size and must be repaid with interest, but it.
and you may have plenty of time to put the money back before retirement. While it can theoretically seem like a smart financial move to use that money to pay off high-interest debt, put down a down.
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Using a 401k Loan to Buy a House: If you’re really considering using your 401k to buy a house, one of the best ways to do this will be to borrow from your own retirement savings. This is called a 401k loan. The IRS limits 401k loans to the lesser of $50,000 or half the vested-plan balance (of $10,000 or more). For example, let’s say you’ve got a 401k plan worth ,000.
If your house never burns down. you can feel less constrained about spending money in the early years of your retirement. If you’re married, you and your spouse can each buy individual longevity.
For most people, the biggest benefit of using a 401(k) to pay for a house is that the money is available, and can get you out of a bind, or ensure that you have the amount you need to pay for the home that you really want.
Using a 401k Loan to Purchase a House To avoid paying for mortgage insurance, you must make a downpayment of at least 20% of the purchase price of your home. If you have that money in a 401k, then a 401k loan is a feasible option for avoiding this added expense.
If your 401 (k) is your only source of cash and you’re buying your first home, your best option is to roll the 401 (k) money into an individual retirement arrangement (IRA). You may still have to pay taxes, but you can use those funds to buy a home while avoiding both penalties and the need to repay the money.