Updated almost 4 years ago on . Most recent reply
Using solo 401K for down payment
Hi, everyone. I have a solo 401K (I'm self-employed) with E-Trade. I spoke to etrade and all they would do is read the rules to me, not actually tell me what I need to do. So, it looks like I can borrow 50% of my solo 401k funds for a down payment on a house.
The guy directed me to a form to fill out and said that I come up with my own interest rate for paying myself back? I feel like I need more information. How do I ACTUALLY take out the loan?
I don't want to get a house under contract and then have it all fall through because I don't know how to take out a loan from my solo 401K. Etrade was NOT helpful.
Anyone able to walk me through this or point me to the type of professional that I need to contact? Thanks so much!!
Allison
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Is this for a primary residence or investment property?