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Asked 5/27/2007
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401K loans? Do housing lenders consider loans against your 401K when calculating your debt ratio? |
Answer 1/1 - Submitted 5/27/2007
SCH and bettyboop dont have a clue. A loan against your 401K is still a loan that must be paid back and it IS calculated into your debt ratios. Now if you are cashing out a portion of your 401K then that is not a payment so it is not calculated into debt ratios. Dont try and get the loan without telling your LO either. Keep in mind that all funds must be seasoned, which means where they came from. So if you borrow against your 401K to use as down payment or pay closing cost you have to show where it came from and then you are caught. Not a pleasant feeling I am sure.
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