Reply to How did you afford your $1M plus home?

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[quote=Anonymous][quote=Anonymous]Similar situation here as the OP.  I was thinking of a hardship withdrawal from 401K plan to get most of the downpayment -- not wise financially, but the only alternative I can think of.  Silly?[/quote]

not silly...completely moronic. Why on earth would you ever take money out of your 401K to buy a home that you clearly can't afford? Not to mention you hae to pay that money back and doing so means you are pretty much losing even mopre money in investments while you try to repay the money you took out. Oh and it is even harder to pay back if you are also throwing your money away on a house you can't afford just to keep up with the Jones. Sorry but buying more than you can afford even if for better schools is ridicuous. Why is that the only alternative?  I also think that people need to stop placing such high priority on schools and thinking that unless theri kids goes to a "top" school in the most expensive neighborhood then they are screwed. There are plenty of wonderful schools in the DC area. The options aren't the top schools versus sending your kids to Anacostia.

If people lived with in their means and were realistic in what they can afford we wouldnt be in the mortgage/housing crisis that we are in. [/quote]

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