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Can I Use My 401k To Buy A House?

May 21, 2014 by Eric from Roslindale, MA in  |  Flag
2 Answers  |  5 Followers
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2 votes

The answer is more complex than a yes or no. You didn't mention your age, if you still work for the company, if you are 100% vested, and your income. Without all that information it's impossible to give you a recommendation, but the short answer is you can do whatever you want with your money - you'll just have to pay the taxes and penalties.

1 Comment   |  Flag   |  May 21, 2014 from Medina, OH
Courtenay Shipley

*Not whatever you want with your money
; but buying a first home is an allowable hardship withdrawal reason from a 401k plan.

Flag |  May 29, 2014 near Alexandria, VA

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0 votes

very risky. while some 401k plans permit loans to participants we generally advise against it as the penalties for default are very severe.

Comment   |  Flag   |  May 21, 2014 from Tucson, AZ

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