i have 50.000 at my 401k plan i would love used that money for downpayment to buy a house but my monthly income isn't high to buy a house i think

Asked by elcomesolo77, New York, NY Tue Oct 2, 2012

how much i have to make monthly i'm a single father of 2 kids ?
i want to buy 2 family house can i put someone of my family if my monthly income inst good

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7
Maria Cipoll…, Agent, Coral Springs, FL
Tue Oct 2, 2012
Did you check with your 401K plan to see if you qualify for a loan of 50 percent of your vested 401K balance? Vested balance are the exactly amount that you have in your 401K that actually belong to you at the time of the withdrawal. And, Could you afford to repay that loan after you make your mortgage payments? That money has to be repay with interest to your 401K funds. Contact a mortgage broker and find out if you can really afford to get the loan and the mortgage.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
3 votes
Annette Levi…, , New York, NY
Wed Oct 3, 2012
You need to first check with the administer of your 401K to see what percentage of your 401K you can borrow. You do not want to withdraw the money due to federal penalties. You will also need to know what the payment would be each month. With that information, you should call a mortgage lender to discuss what amount of downpayment and amount of mortgage you would qualify for.
0 votes
John Peitler, Agent, NY,
Wed Oct 3, 2012
Please call me. My name is Rhea and I can be reached at 347-500-2479. Thank you and good luck.
0 votes
James Furlong, Agent, Brookline, MA
Tue Oct 2, 2012
Your first step is to speak with a lender and find out what your options are. Anything else you read here is just an opinion. You need to speak to the lender, give them all your financial facts and they will tell you the facts of your situation.
0 votes
Janet Nation,…, Agent, Baldwin, NY
Tue Oct 2, 2012
Elcomesolo77, We can't possibly answer that question with the information you provided besides we're not loan officers.

However, I can tell you first of all you need to determine where you want to live and what the home prices and taxes are in that area. Then you sit down with a loan officer and see what you can be qualified for based on where you want to live. You can have a cosigner, preferably a family member, BUT you still on your own have to qualify for the principal and interest, the coborrowers covers everything else a lot of people don't know that. The co borrower's current status, the good along with the bad will would be factored for total mortgage eligibility between you both.
0 votes
Gene Neal, , Ronkonkoma, NY
Tue Oct 2, 2012
You can add someone on your loan however the lower of the 2 middle credit scores will determine your rate. As far as how much you have to make it would depend on the purchase price. If you want you can contact me and I can see if I can issue a pre approval.
0 votes
Peter Mohyls…, Agent, Destin, FL
Tue Oct 2, 2012
You need to chat with a local lending institution and get pre-approved for a loan. Then find a good agent to help you search.
0 votes
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