Anyone used 401k to purchase first property ?
Hello people of bp, i am in the sf bay area and in the process of purchasing my first home. Through the pre approval i come to find out i am about 30k short in available funds in my account , and cant deposit the difference in cash immediately (within one year) . But i do have 30 k in my 401k and am learning i can borrow against it as long as i pay it back. My question is anyone have any good or bad experience with this route? Any thoughts, opinions or concerns would be greatly appreciated. Thanks in advance!!
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Michael,
I have used this strategy several times. You pay yourself back, plus interest, which is a win win in my book.
This allows you to earn a better return, and gets you in the game!
Best of luck on your adventure,
Cheers!