Borrow from 401k for down payment
I was looking to barrow $25K from my 401K. Talking with a co-worker our 401K allows us to borrow up to 50% up to a certain dollar limit at 4.45%. I was going to pull the $25K over 36 months paying $371 bi-monthly.
In Texas am I allowed to borrow against my 401K to use the money as a down payment for a rental property? This would be for my second rental property.