· These options allow you to supplement your down payment with cash from your 401k. However, not everyone qualifies to use money from a 401k. There are strict rules, so it’s vital that you understand how the process works before you move forward. Borrowing from 401k. When it comes to borrowing from your 401k to help with your down payment, there are two ways to go about it: Get a.
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· Don’t Tap Your 401 (k) for a Down Payment. You have to pay taxes on the money at your top income-tax rate, plus a 10% early-withdrawal penalty if you’re under age 59½. You can only withdraw your contributions and not any earnings or employer match, and you generally have to prove that you don’t have another source for the cash.
To purchase his three-bedroom, 28-by-56-foot modular home from Ideal Homes in Barnum using the loan program, Danielson didn’t.
If you qualify as a first-time home buyer, you can withdraw up to $10,000 from your IRA to use as a down payment (or to help build a home) without having to pay the 10% early withdrawal penalty. However, you’ll still have to pay regular income tax on the withdrawal.
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· Uses for the 401K Money. The money you withdraw from your 401K must be used specifically for the down payment. You may only withdraw the amount you need for the down payment – you cannot just keep the leftover funds. For example, if you must put $10,000 down on a home to purchase it, you may be able to withdraw $10,000 from your 401K.