Help! How do I get a 401K loan for a down payment? First time homebuyer trying to understand my options.

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Bad idea all around. Just save up a down payment. Your future self will thank you.

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Why would you try to buy a house when the house market is at its peak? The house market has been going out for over a decade so I'll crash is bound to happen it's not sustainable because the people's income or not growing up at the same rate

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EY1... pure speculation. 5 years ago, could have said the same thing. And guess what... 5 more years of growth. Just like the stock market, you can’t time it. And even if someone to buy at a peak, and it were to dip down, prices will recover

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Go to the website and just request it.

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Pwc1 Historically, 10 year cycles before market correction. We’re at about that 10 year mark

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Rents are incredibly high, so I don’t blame you for wanting to take the plunge (even if it’s not an ideal time). I’d avoid taking too much out. I borrowed from mine, so I could put 20% down and avoid having to pay PMI. That was in the 90s, so maybe things have changed a bit The website should be easy to navigate. If not, speak with your HR rep.

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EY1- to add onto PWC1s point, interest rates are also still nice and low. So if prices go down a little but interest rates up, OP could end up still paying more over the life of the loan.

If you can’t afford a down payment comfortably I’d say hold off on buying. Too many things can go wrong with a house that’ll drive you insane if you don’t have a decent rainy day fund

Pwc1 Historically, 10 year cycles before market correction. We’re at about that 10 year mark

Taking out money out of for house is ok as it will not be taxed. Go to the financial institution website example if its fidelity and request withdrawal, u will be asked to proof so that its tax free so example house contact agreement should be sufficient

Don't take a loan from any retirement funds. Is you really want to buy with limited funds. Get into a program with little down (eg 3%). If you don't have that much, save for it.

DD1... although you have a point. Past performance is not indicative of future results when it comes to the stock market or housing market. I agree we are in for correction, however, I am not going to change my investment strategies in an attempt to time the market. Time in market > timing the market. In it for the long haul.

More relevant to this post, similar strategy can be applied to home buying. Although, I am in the camp of not using retirement funds to pay for a down payment, because I’d hate to see my portfolio drop (granted you need to repay it, but all that lost compounding interest!). That said, it may be the best and valuable strategy for some.

Op, check your finances, determine whether you can quickly repay your 401k loan, and then make a decision. Rates are still low, and home ownership has a TON of advantages (soooo many tax breaks)

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