using 401k for home purchase

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I am 60 y/o and would like to use my 401k to purchase a home. Is this a good idea? Let’s say the home costs 0k. You have searched and searched and bargained back and forth to get the price down.

401(k) plan withdrawals can be used to buy a home but the only way to do so without paying any taxes or penalty is to take a loan, which you will need to repay. Your contributions are suspended.

If you’ve got a 401(k), you might be surprised to learn that you can withdraw funds for a first-time home purchase. Here’s how. Did you know you can use funds from your 401(k) for a home down payment? Here’s how to do it and the considerations you need to know.

For example, if you must put $10,000 down on a home to purchase it, you may be able to withdraw $10,000 from your 401K. The only exception is if you need the money to pay the penalty and taxes on the money, which we will discuss below. The Implications of Taking Money Out of your 401K. Generally, you are supposed to use your 401K for retirement.

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Thus, for example, you could withdraw $10,000 from your IRA and give it to your son or daughter to help purchase a home. So long as the child is a first-time home buyer, you won’t have to pay any penalty on the withdrawal. You can make more than one withdrawal for these purposes, but all your first-time home buyer withdrawals cannot exceed $10,000.

The penalty-free withdrawal under the IRA homebuyer’s exemption is only significant for those under age 59. If you’re over 59, you can withdraw ira assets for a home down payment-or any reason-penalty free. However, unless you have a Roth IRA, you’re still subject to having to pay income.

Rock-bottom mortgage rates, affordable home prices and rising rents are enticing renters into homeownership. Some first-time buyers who lack the cash for a down payment and closing costs are turning.

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