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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]Even if you take it out for a home they're is penalty[/quote] People really don't know what they are talking about here. This is not accurate. 1) you can take out up to $10k for the first time purchase of a home without a penalty. You do not have to pay this back. 2) if you borrow money from your own 401k and repay it, there is no penalty. If you withdraw more than $10k or if you don't pay your loan back there is a 10 percent penalty IN ADDITION to paying tax on the withdrawal. Everyone else, be careful that you know what you are talking about before you issue advice.[/quote]
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