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Reply to "Help with Terrible Home Buying Financing Options"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]To do that, we would need to take a hardship withdrawal from our 401K or ask for an advance from my employer, which seems like a terrible idea. The financing company said that we could not take a loan out to cover the difference. [/quote] This is non-standard, and they probably just don't know what they're talking about. A 401K loan is a much, much, much better option than a 401K hardship withdrawal.[/quote] My office does not permit 401(k) loans at all. The financing people said that taking out a bridge loan, etc. would mess up our "debt/equity ratio" and disqualify us from the product. In the meantime, thanks to the sage advice on here, I'm reaching out to other companies for alternative financing. I was in a full panic, so I appreciate all of the help.[/quote]
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