• AwkwardLookMonkeyPuppet@lemmy.world
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    8 months ago

    You can use $10k from your 401k for a down payment on a house with zero penalty. If you’re married, then your spouse can do the same. So now you have $20k for a house down payment! With an FHA loan you can buy with as little as 3.5% down, which your $20k should cover. Weee!

    • cm0002@lemmy.world
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      8 months ago

      Why even bother with a down payment, lots of loan options out there for 0%

      • EtherWhack@lemmy.world
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        8 months ago

        In most cases, it’s better to save up for a down-payment to cut off a chunk from your loan along with the portion of interest with it. You also tend to be able have loans with better options available to you.