Planning to borrow from 401k for a downpayment? It may not be so easy

Source: Jill Chodorov Kaminsky, L.A.Times (Paid Registration)

According to the IRS, retirement plans may offer loans to participants but are not required to do so.

The good news is that, according to the Plan Sponsor Council of America, most employers — 82.8% — allow employees to borrow against their 401(k) funds. The bad news is that employers can put many restrictions on obtaining a loan.  There are a few serious criteria to know before taking a loan from your 401(k).

Read Full Article: Planning to borrow from 401k for a downpayment? It may not be so easy

 

Tags/Keywords

mortgages, homes, downpayments, 401k loans


 
 

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