Question

 Can you borrow money from a 401k to buy a house?

Answer On One Hand: IRS Permits LoansThe Internal Revenue Service permits 401k plan loans of up to $50,000 or half the value of your 401k plan, whichever is smaller. The money must be repaid with interest... Read More »
http://www.answerbag.com/q_view/1985710

Top Q&A For: Can you borrow money from a 401k to buy a house

Should I borrow money from my 401k?

On One Hand: Don't Tap Your Nest EggYour 401k plan represents your retirement savings. If you take a loan, you hamper your ability to continue to contribute money to your 401k plan. If you fail to ... Read More »
http://www.answerbag.com/q_view/1998104

Is it smart to borrow money against a 401k?

On One Hand: Decreased Retirement SavingsWhen you borrow from your 401k, you reduce your potential retirement savings since you can no longer earn interest on the borrowed money. You lose the tax b... Read More »
http://www.answerbag.com/q_view/1992797

Can I borrow money from a 401k without telling my spouse?

On One Hand: 401k Plans Are for IndividualsA 401k plan is titled in the name of one investor only. As such, only the named investor has the right to take loans or withdrawals or otherwise direct th... Read More »
http://www.answerbag.com/q_view/1985748

How much money can I borrow for a house?

On One Hand: It Depends on Your Debt/Income RatiosA bank will cap a mortgage based on a payment that is equal to 33 percent of your gross monthly income. If you gross $4,000 a month then your mortg... Read More »
http://www.answerbag.com/q_view/1983188


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