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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]I think that we're also planning to use 401k as a bridge loan, when we sell and buy in a couple of years. I'd prefer to buy our next house and THEN sell our current one, rather than vice versa. We have more equity than we'll probably need for the next down payment, so even if we don't get our full asking price on our current house, we should be ok. Yeah - there's some risk to using 401k/tsp as a loan, but so long as it's paid off fairly quickly, I think that it's a manageable level of risk. One of us is a fed while the other has been in the same job for 20 years. If one of us did happen to lose our job, the worst case scenario would be taxes and a $5k penalty hit (10% of $50k, which is the max we could borrow) - annoying, but not the end of the world. I can live with that level of risk. [/quote]
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