Using 401k For Down Payment First Time Home Buyer. However, they will be required to pay income tax on the amount withdrawn. When pulling from a 401k, borrowers only have access to the vested amount in their account, rather than the ending balance.
Using 401k funds for down payments. Using 401k funds for down payments. Using your 401k as a down payment.
Can a FirstTime Home Buyer Use Their 401K for a Down
When pulling from a 401k , borrowers only have access to the vested amount in their account, rather than the ending balance. Coming up with a down payment to purchase your first home can feel like a herculean task. There are additional advantages to using a 401(k) loan to purchase a house. If you’re still thinking that you might want to go this route, it’s important to consider all the costs that will be part of owning a home, to make sure that you’re not using your 401(k) as a way to fund a purchase that might be difficult to maintain.
