401K House Down Payment

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Don’t Tap Your 401(k) for a Down payment withdrawing money from your retirement account to buy a house has several drawbacks. By Kimberly Lankford , Contributing Editor May 12, 2008

Tapping into retirement can get you into a bigger home. But is it a good. 401(k) Loan for Down Payment: Is it a Good Idea? Lee Nelson.

 · Whether it’s money your grandma has tucked away for the day you decide to buy your first house or wedding card envelopes stuffed with cash and wishes for a long and happy marriage, receiving presents in the form of funds to put toward a down payment can take a huge burden off your shoulders when you’re looking to start the home buying process..

If I have an extra $3000/month, should I put it toward my student loan balance (5-7% interest), 401K plan, or save for a down payment for a house?

I’m thinking of taking $200,000 from my 401(k) as a down payment. I’m not getting the best returns on it anyway as I’ve been retired from the company and, although diversified, still not seeing any results. I’m still working and contributing to another 401(k) and hope to have $250,000 in this when I retire.

You want to buy a house and you're coming up short with funds for a down payment. You know you have a pot of money sitting in your 401(k) retirement fund.

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The biggest issue comes down to money: Are you financially ready? Falling in love with a house is easy-but committing to one for the long term may not be quite so effortless. No matter what is going on with home prices or mortgage rates, the right time to buy a house is when you are ready to take on the financial and emotional responsibilities.

Tapping into a 401k for a house downpayment is not recommended. If it was an active plan you would be required to "borrow" from it and then make monthly payments back to the plan.

Some people do make use of their retirement funds to come up with a down payment on a home. IRAs, for example, generally allow this. However, not all retirement savings vehicles allow you to tap.

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