All savings are tied up in 401k. What options are there?

[Nick Edwards]

Hi all,

I have a decent amount of money saved in my retirement. I am looking to finance my first owner occupied house. I will get settled in it and immediately pursue other opportunities while I house-hack. My question is: Will I be able to use that money or borrow on it for a non owner occupied property? Will I be able to use it for ANYTHING while I am living in the residence I first purchased? Might I want to search for and attempt to swing Subject to opportunities?

Thanks!

-Nick

[Mindy Jensen]

@Nick Edwards, a potential downside to borrowing from a 401(k) is that if your job changes - you quit or get fired - you have to pay back the loan in full within 60 days or you are hit with early withdrawal penalties and are taxed at your current tax rate.