elcomesolo77, Home Buyer in New York, NY

my income is (monthly 1 jobs $1.200) (2 job gross pay is 906.00 every 2 weeks) i have 50.000 at my 4o1k can i used that money for down-payment

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

with my monthly income and with my 50.000 do i have to buy a house in New York or not

Help the community by answering this question:

+ web reference
Web reference:


Nirmala Cara…, Agent, Bronx, NY
Wed Oct 3, 2012
You first step should be to meet with a mortgage professional to determine how much you are qualified for and then that will determine how much can afford to spend on any property. After you have an amount that you can spend, you can contact any agent in the area and they can provide you with a list of properties that meet your criteria.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Oct 2, 2012
For a personalized answer regarding mortgage qualification, contact any licensed loan officers; regarding your 401K, check to see if any early withdrawal penalties apply...
1 vote
First Last, , 90002
Fri Oct 5, 2012
Hi, if you take money out of your 401(K) you will pay a high penality and taxes.

You need that 401(K) for your retirement....very much so. That money should be un-touchable! Just forget it is there.

Some people below have said that you don't have enough money to buy in NYC, I'm actually suggesting that you are better off not buying.

Because remember, with a house you have maintenance, property taxes, and utilities that are currently covered in your rent. You need a savings or income cushion to afford all that stuff.

A better plan, I think, is for you to find a better rental situation--and stay a renter.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Oct 3, 2012
You really need to sit down with a mortgage rep - no one here can advise you without more specific information and clarity . The numbers you have given are not clear enough.....plus, there is much more to qualifying for a loan.......and what that mothly cost will be when everything is factored in.

And....for the record.....there is no way, IMO, you should even think of (even if you could) clearing out your retirement fund to buy a home!!!!!!!!!
0 votes
Annette Levi…, , New York, NY
Wed Oct 3, 2012
Your income is too low to afford a home in NYC. Go to the Neighborhood Housing Services for classes. They will go over what your need to do to qualify for home ownership.
0 votes
Janet Nation,…, Agent, Baldwin, NY
Tue Oct 2, 2012
You have a typo with your gross pay, what did you mean to write? In any event it doesn't seem like you have sufficient income. 401K won't allow you to take the entire amount out. There's two types of withdrawals general purpose loan and hardship withdrawal. Speak with your HR department to understand how they both work. I can tell you but it's better to hear it from your HR department because they can be very specific to your personal situation.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more