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Reply to "Borrowing from TSP for down payment?"
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[quote=Anonymous]Assuming the same rules apply when you borrow from your 401K - the main rule is that if you leave your job before the loan is paid back you either have to pay it back within 60-90 days (depending on employer) or you take that money as income and pay taxes plus 10% penalty. Also, most employers won't allow you to borrow more than 50% of your vested balance and you can't have more than one loan out at the same time. The pros? As you pay back your loan - which will happen with each paycheck -you are paying yourself back plus interest.[/quote]
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