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Updated about 5 years ago on . Most recent reply
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How to use 401k for investment properties
I am newbie and would like to use my 401k to buy my first property any directions would be greatly appreciated?
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Originally posted by @Tamika Malcolm:
I am newbie and would like to use my 401k to buy my first property any directions would be greatly appreciated?
Typically you can take out a "401k Loan" (borrowing money from, and paying interest to, your future retired self) for the lesser of $50k or 50% of what's in your 401k. That money, and your own other down payment savings if needed, can be paired with a traditional mortgage for the remaining balance of the purchase price. This is fairly standard. Your online portal for your 401k will have a fairly simple process of getting the 401k loan.
If that's not what you're after, can you be more specific with your question?