[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2sqadvoj3ct6k":3,"$ffeh0925h8cuz":43,"$fbwk2pqjjqsc7":47},{"item":4,"previous":31,"next":37},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":29,"updatedAt":30},16465,"thinking-about-using-your-401k-to-buy-a-home","Thinking About Using Your 401(k) To Buy a Home?","\u003Cp>Are you dreaming of buying your own home and wondering about how you’ll save for a down payment? You're not alone.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20231107\u002F20231108-Thinking-About-Using-Your-401k-to-buy-a-house.png","\u003Cp>Are you dreaming of \u003Ca href=\"\u002F2023\u002F10\u002F26\u002Faffordable-homeownership-strategies-for-gen-z\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buying\u003C\u002Fa> your \u003Ca href=\"\u002F2023\u002F10\u002F13\u002Fthe-difference-between-renting-and-buying-a-home-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">own home\u003C\u002Fa> and wondering about how you’ll save for a down payment? You're not alone. Some people think about tapping into their 401(k) savings to make it happen. But before you decide to dip into your retirement to \u003Ca href=\"\u002F2023\u002F10\u002F25\u002Finvest-in-yourself-by-owning-a-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buy a home\u003C\u002Fa>, be sure to consider all possible alternatives and talk with a financial expert. Here’s why.\u003C\u002Fp>\u003Ch4>\u003Cstrong>The Numbers May Make It Tempting\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>The \u003Ca href=\"https:\u002F\u002Fwww.cnbc.com\u002F2023\u002F06\u002F03\u002Ffidelity-how-much-americans-have-in-their-401ks-at-every-age.html\" rel=\"noopener noreferrer\" target=\"_blank\">data\u003C\u002Fa> shows many Americans have saved a considerable amount for retirement (\u003Cem>see chart below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp> \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20231107\u002F20231108-Average-401-balance-by-age.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20231107\u002F20231108-Average-401-balance-by-age.png\">\u003C\u002Fa>\u003C\u002Fp>\u003Cp>It can be really tempting when you have a lot of money saved up in your 401(k) and you see your dream \u003Ca href=\"\u002F2023\u002F10\u002F17\u002Fhow-buying-a-multi-generational-home-helps-with-affordability-today\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home\u003C\u002Fa> on the horizon. But remember, dipping into your retirement savings for a home could cost you a penalty and affect your finances later on. That's why it's important to explore all your options when it comes to saving for a down payment and buying a home. As \u003Cem>Experian\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fwww.experian.com\u002Fblogs\u002Fask-experian\u002Fuse-401k-to-buy-house\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">says\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“It’s possible to use funds from your 401(k) to buy a house, \u003C\u002Fem>\u003Cstrong>\u003Cem>but whether you should depends on several factors, including taxes and penalties, how much you’ve already saved and your unique financial circumstances\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Ch4>\u003Cstrong>Alternative Ways To Buy a Home\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Using your 401(k) is one way to finance a \u003Ca href=\"\u002F2023\u002F10\u002F06\u002Fhow-homeowner-net-worth-grows-with-time-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home\u003C\u002Fa>, but it's not the only option. Before you decide, consider a couple of other methods, courtesy of \u003Ca href=\"https:\u002F\u002Fwww.experian.com\u002Fblogs\u002Fask-experian\u002Fuse-401k-to-buy-house\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>Experian\u003C\u002Fem>\u003C\u002Fa>:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.hud.gov\u002Fbuying\u002Floans\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cstrong>FHA Loan\u003C\u002Fstrong>\u003C\u002Fa>\u003Cstrong>: \u003C\u002Fstrong>FHA loans allow qualified buyers to put down as little as 3.5% of the home's price, depending on their credit scores.  \u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fdownpaymentresource.com\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cstrong>Down Payment Assistance Programs\u003C\u002Fstrong>\u003C\u002Fa>\u003Cstrong>: \u003C\u002Fstrong>There are many national and local programs that can help first-time and repeat homebuyers come up with the necessary down payment.\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cstrong>Above All Else, Have a Plan\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>No matter what route you take to purchase a home, be sure to talk with a financial expert before you do anything. Working with a team of experts to develop a concrete plan prior to starting your journey to \u003Ca href=\"\u002F2023\u002F10\u002F12\u002Fgrowing-your-net-worth-with-homeownership\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">homeownership\u003C\u002Fa> is the key to success. Kelly Palmer, Founder of \u003Cem>The Wealthy Parent\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.investmentnews.com\u002Fthink-twice-before-borrowing-from-401k-for-a-home-down-payment-advisors-say-241461\" rel=\"noopener noreferrer\" target=\"_blank\">says\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“I have seen parents pausing contributions to their retirement plans in favor of affording a larger home often with the hope they can refinance in the future… \u003C\u002Fem>\u003Cstrong>\u003Cem>As long as there is a tangible plan in place to get back to saving for their retirement goals, I encourage families to consider all their options.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>”\u003C\u002Fem>\u003C\u002Fblockquote>","\u003Cp>If you’re still thinking about using your 401(k)-retirement savings for a home down payment, consider all your options and work with a financial professional before you make any decisions.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20231107\u002F20231108-Average-401-balance-by-age.png",false,[17,21,25],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},38,"Move-Up","move-up","2023-11-08T11:30:00Z","2023-11-08T11:30:41Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},15907,"homeowner-net-worth-has-skyrocketed","Homeowner Net Worth Has Skyrocketed","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20231031\u002F20231107-Homeowner-Net-Worth-Has-Skyrocketed.png","2023-11-07T11:30:00Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},16472,"how-va-loans-can-help-make-homeownership-dreams-come-true","How VA Loans Can Help Make Homeownership Dreams Come True","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20231107\u002F20231108-How-VA-Loans-Can-Help-Make-Homeownership-Dreams-Come-True-BB.png","2023-11-09T11:30:00Z",{"cover":44,"open":45,"shareSpread":46},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[48,52,53,57,61,65,69,70,74,78,79,83,87,91,95,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155],{"id":49,"name":50,"slug":51},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":54,"name":55,"slug":56},6,"For Sellers","sellers",{"id":58,"name":59,"slug":60},7,"Foreclosures","foreclosures",{"id":62,"name":63,"slug":64},8,"Infographics","infographics",{"id":66,"name":67,"slug":68},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":26,"name":27,"slug":28},{"id":80,"name":81,"slug":82},41,"For Sale by Owner","for-sale-by-owner",{"id":84,"name":85,"slug":86},42,"Featured","featured",{"id":88,"name":89,"slug":90},45,"New Construction","new-construction",{"id":92,"name":93,"slug":94},52,"Luxury \u002F Vacation","luxury--vacation",{"id":96,"name":97,"slug":98},53,"Rent vs. Buy","rent-vs-buy",{"id":100,"name":101,"slug":102},80,"Time-sensitive","time-sensitive",{"id":104,"name":105,"slug":106},81,"Outdated","outdated",{"id":108,"name":109,"slug":110},147,"Internal","internal",{"id":112,"name":113,"slug":114},148,"Do Not Autopost","do-not-autopost",{"id":116,"name":117,"slug":118},320,"Inventory","inventory",{"id":120,"name":121,"slug":122},321,"Agent Value","agent-value",{"id":124,"name":125,"slug":126},322,"Affordability","affordability",{"id":128,"name":129,"slug":130},323,"Buying Tips","buying-tips",{"id":132,"name":133,"slug":134},324,"Downsize","downsize",{"id":136,"name":137,"slug":138},325,"Economy","economy",{"id":140,"name":141,"slug":142},326,"Equity","equity",{"id":144,"name":145,"slug":146},327,"Forecasts","forecasts",{"id":148,"name":149,"slug":150},328,"Selling Tips","selling-tips",{"id":152,"name":153,"slug":154},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":156,"name":157,"slug":158},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]