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Reply to "Explain to me why it's stupid to take $$ from a 401K for a down payment"
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[quote=Anonymous]You can get a loan of up to $50K from your 401k. In some circumstances, it might make sense to take the loan and use as downpayment. You're paying the loan interest back to yourself, and there is no tax penalty (but you want to make sure your job is secure, because you'll have to pay it all back immediately if you get canned.) But if you're talking about withdrawing funds to use as downpayment (and not taking a loan), than yes, that is stupid. Paying for mortgage insurance is a much better option.[/quote]
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