All Forum Posts by: Elizabeth Bryant

Thanks, Dave.  I'm 52 and currently have 18.5% of my income going to retirement.  I do have a small amount in liquid savings less than $30K and a small Vanguard after tax brokerage account.  

I am ready to purchase my first home and want to take a 401k withdrawal vs. depleting my savings for the down payment and closing costs.  I don't want to do a 401k loan because I don't want another bill.  I have ran the numbers and am okay with the tax penalty and fees from the 401k withdrawal. Would rather keep my liquid money available for surprises and a safety net. Is this a terrible idea?

Thank you.  I think I will heed that advice.

Yes, that's what I was leaning towards doing.  100% financing allows for accelerated payments with no penalties. Actually, it's my son who is the veteran.  I'm simply benefitting from his service by joining the credit union under him.  

Thanks so much for your reply. Amortization schedule shows PMI dropping off around 7.5 years without my accelerating any extra payments. The difference is ~$200/mo. more with VA benefits. PMI will be ~$87-$120/mo.

I am new to the group and will be purchasing my first home. I am eligible to benefit from VA benefits with 100% financing and no PMI at 3.5% interest. I also have another option of 5% downpayment and 3% interest rate with PMI. Trying to determine which is better. Any thoughts.