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Reply to "401(k) for down payment?"
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[quote=Anonymous][quote=Anonymous]I don't advise you doing that. If you get laid off/terminated/quit, you need to pay it back within 90 days or it's an early withdrawal. I think you hit the nail on the head - You don't have enough savings for a down payment. That likely is a sign you aren't ready to buy. Eliminate your debts, have an emergency fund, and save for your down payment, otherwise you're taking on a lot more risk (ie. people in 2008) and eventually Murphy's law will hit.[/quote] I guess this is where we made a mistake. We have close to $100,000 in our 401(k) because we were told we could use it for first time home purchase and we didn't 'research' it the way we should have. I thought we could withdraw it without penalty and am now just learning it's a loan on a few 401(k)'s from previous employers- we haven't consolidated them since they are doing well and didn't want to rock the boat after having a few rocky years.[/quote]
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