Using solo 401K for down payment

[Allison W Gammon]

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

[Alfonso J.]

Is this for a primary residence or investment property?