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Reply to "If you used 401k loan for mortgage down payment, how much percentage of 401k total did you use?"
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[quote=Anonymous][quote=Anonymous]You cannot afford whatever you are looking at. Don't do it.[/quote] You don't know this. We didn't do it, but my wife and I looked at taking out 50K each from our 401Ks (100K total) instead of getting a bridge loan when we were buying our new house and we weren't sure that our currently house would close in time. We had plenty of income to cover both mortgages but we needed some of the equity in our existing house for the down payment on the new house. Our plan was to pull out the 100K from our 401ks, and then replace it 1 month later after we sold our current house. There are many reasons to do a 401K loan, they don't all mean that you can't afford your new house.[/quote]
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