schellmis63
Joined: 06 Jun 2008
Posts: 1
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| Posted: Fri Jun 06, 2008 12:21 am Post subject: Help, thinking of cashing in 401K |
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| I would like some really good advise. I know borrowing from your 401k is one of the worst things to do but I think that I am running without any other options. First time home buyer, prequalified, loan amount given, and a community great should be put in place. However the loan amount is not the best and I have no money. I have used my money to pay off bills to get my score high and that has worked. Now I have nothing to start from. I am thinking of Not borrowing but cashing out my 401k. I don't beleve that there is no assistance with this as far penalties for first time home buyers. I want to hear from someone who has done this. With all the benefits of being a home owner when you file your taxes does this help at all? I was thinking of pulling it out and than what i don't use roll into an IRA. Please give me some advise. I have been wanting my own home for years and I just cannot wait anymore.. Buyers dream and I am also thinking " praying that the market picks up" equity will build to what i have taken out. 20K |
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