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Updated over 8 years ago,
401k and debt
hello bp, I have two rental properties financed both with VA loans. Looking to use FHA on the 3rd one in the near future. However, I do have about 20k in debt for a home improvement loan. I was wondering if I borrowed from my 401k and paid off this debt would the bank see this as not having any debt now since it wouldn't be reported to creditors? Could i now have a better chance in being approved for a new home loan?Are there any problems I may run into by doing this? Thanks!
Ryan.