Can I use my 401k for a down payment?

You can use funds from your 401k for a down payment, either by taking a loan against it or making a hardship withdrawal. A 401k loan typically lets you borrow up to half your vested balance and must be repaid with interest to yourself. A withdrawal may trigger income taxes and a 10 percent early withdrawal penalty if you're under 59 and a half, though some first time buyer exceptions exist. There may also be impact on your debt to income ratio if taking a loan. The specifics depend on your situation and a licensed CPA should confirm, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a CPA or tax professional. Jon can connect you with one: text (623) 826-0888.