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Updated about 7 years ago on . Most recent reply

Michael Knaus's profile image
Michael Knaus's profile image
Michael Knaus
  • from Orangeville, Pennsylvania
  • Member since Nov 20, 2017
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Michael Knaus's profile image
Michael Knaus's profile image
Michael Knaus
  • from Orangeville, Pennsylvania
  • Member since Nov 20, 2017
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Michael Knaus
  • Orangeville, PA
82
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78
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Foreclosures

Can a 401K statement be used as proof of funds?

Michael Knaus
  • Orangeville, PA
Posted

When buying from the bank, some banks ask for proof of funds. I'm wondering if a statement from a 401K showing enough funds would suffice. Anyone ever try it?

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Jason Staine's profile image
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Jason Staine
  • from Saddle Brook, New Jersey
  • Member since Jun 6, 2017
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Jason Staine's profile image
Jason Staine's profile image
Jason Staine
  • from Saddle Brook, New Jersey
  • Member since Jun 6, 2017
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Jason Staine
  • Saddle Brook, NJ
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Jason Staine
  • Saddle Brook, NJ
Replied

I did just that and then amended that the funds were from a hard money lender. Regardless of being self directed of not the bank did not have any concerns about my penalties for touching 401k money. Self directing your money is the correct way to do it. 

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