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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]We did it and it worked out great. I think we took out $30K which was the majority of our downpayment on an FHA loan (I think 401k was around 100k at the time?). Paid it back over 4 years. Our HHI was/is decent and we could afford the payments, PMI, etc. Job risk wasn't substantial though it's never non-zero. We wanted to get into a house and neighborhood based on where our life was (kids); not wait another year or two and not focused on maxing investments and minimizing risk. As it happens we refi'd into a great conventional loan within 3 years, our house is up $200k in four years, and our kids have spent their pre-K and ES years in a house/neighborhood/school that we loved. [/quote]
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