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Updated over 5 years ago on . Most recent reply

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Tamika Malcolm
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How to use 401k for investment properties

Tamika Malcolm
Posted

I am newbie and would like to use my 401k to buy my first property any directions would be greatly appreciated? 

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Chris Mason
  • Lender
  • California
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Chris Mason
  • Lender
  • California
ModeratorReplied
Originally posted by @Tamika Malcolm:

I am newbie and would like to use my 401k to buy my first property any directions would be greatly appreciated? 

 Typically you can take out a "401k Loan" (borrowing money from, and paying interest to, your future retired self) for the lesser of $50k or 50% of what's in your 401k. That money, and your own other down payment savings if needed, can be paired with a traditional mortgage for the remaining balance of the purchase price. This is fairly standard. Your online portal for your 401k will have a fairly simple process of getting the 401k loan. 

If that's not what you're after, can you be more specific with your question? 

  • Chris Mason
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