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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][quote=Anonymous][b]Some people shouldn't give financial advice. [/b] There is no tax penalty. We borrowed from ours and paid it back with interest to ourselves in 5 years. Did it 10 years ago to pay off credit cards. Our 401K is healthy.[/quote] You should include yourself in that statement. You are wrong. What you mean is that if you BORROW from your 401k there is no penalty. There is a penalty for taking money out and not paying it back, unless it is for certain reasons like the first time purchase of a home.[/quote]
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