Updated over 4 years ago on .
Most recent reply
presented by
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!!
Most Popular Reply
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!