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Asked 9/1/2011
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Can i barrow money on my 401k if i still pay on another loan if i am buying a home I want to buy a home and i am still paying on a loan can i still barrow money to purchase my home ? |
Answer 1/1 - Submitted 9/1/2011
It depends on you plan. The number of outstanding loans that you can have at one time is dictated by your plan's design. The most common number is 1 at a time, but plans may allow 2 or more if they choose.
Check with your plan administrator or employer to see how many loans you can have at once. If you are buying a home you may be able to get a loan from your plan with a full 30 year term. That is also up to your plan but is common.
If you can have only one loan see if you can payoff your first loan and immediately take a new loan to cover the home purchase. That may be another option for you.
Good luck.
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