HomeGain on Facebook HomeGain on Twitter HomeGain on LinkedIn HomeGain on YouTube

using 401k to qualify for fha mortgage

can i use retirement account funds toward my down payment? is this allowed and what would i have to provide in order to do so?? without using these funds i do not have any down payment, let alone 3.5% for fha mortgage requirement
By deet7836860256 from WA Aug 12th 2014
Powered by:

Ashford, WA qualifies for USDA 0% down. Please give a call and I can help. Wendy 360-352-2101

Aug 12th 2014

Searching Today's Rates...

Yes you can, you'll just need to document that you can (and have prior to final approval and closing) withdraw (or borrow) money from the 401k for the downpayment. FYI, loans from a 401k do not count as part of your debt ratios.

Aug 12th 2014

Wendy: I have free Grant money, 3 or 5% of the loan amount I can give you towards your down payment or c/c/ or p/p. you have to have a 640 Score, cannot make more than 69,805.00 in income, no more than 45% debt to income ratio ( I can calculate this for you) you can use this Grant money with USDA, conventional and FHA loans. Now to answer your question, yes you can withdraw your 401 k money if your employer allows it. There may be qualifications or penalties, call them & ask all the right questions and how much can you get. If you decide to go USDA route, no down payment required, ask the seller to pay some of your c/c and use the Grant money as extra money just to lower the principle owed. you have lots of choices. Call me I am in Oregon, but I am licensed in Oregon & Washington. ellen Adams 541-521-7192www.Academymortgage.com/ellen.adamsor make loan application via my web site.

Aug 12th 2014

I mean Deet NOT Wendy.Ellen

Aug 12th 2014


HomeGain offers free real estate tools and services to compare real estate agents, research home prices, and view homes for sale, foreclosures, new homes, and rentals. HomeGain provides real estate information including articles on home buying, home selling, and mortgage rates. HomeGain's quarterly home values surveys are a hit with the top media sources, realtors, and home buyers and sellers. Did you know, HomeGain pioneered the original online home value estimates tool back in 1999?