The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

I closed and then applied for the driveway permit on the property.

Know that Fanniemae loans will not consider your existing property as a rental income on the come unless you jump though all kinds of hoopsCurrently, if you do sell your primary home, that's tax free money you can apply to the type of personal expenses that you can never write off.

Mixed-use property financing applies to properties that are comprised of multiple units zoned for different uses, including residential, commercial, industrial and institutional.

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When you applied for a loan, did they look at your personal income?

I'd personally try to incentivize him to clean the property before applying pressure in terms of an eviction - carrot before the stick approach.

We will be living together soon so not sure if we should wait and apply for an FHA together or what makes most sense.

This will also save you from an inquiry as well and give you a nice boost in points and give you higher starter credit limits which can be really helpful when applying for credit cards.

I've heard stories in the past of other industry employees getting rejected and having to find private lenders etc, however, that was 2015-2018...and now in 2020 the industry is steamrolling forward in rapid growth, so more and more cannabis industry workers on W2 must be applying for home loans, especially out in CO.