Bob Griffith, Houwzer’s General Manager of Home Services, was recently featured on The Chrisman Commentary’s Daily Mortgage News podcast as a real estate industry expert. Griffith spoke with host Robbie Chrisman about how home buyers could use their 401k to help finance their house.
“It’s your money,” Griffith explains in the podcast, “So you can always have access to it. The IRS is in a position to take some penalties from you if you withdraw early. However, you also have the option of taking out a loan which you repay back to yourself – we believe this is really the smart move if you want to use your 401k for the purposes of amassing a down payment.”
Griffith goes on to explain the benefits and drawbacks of using a 401k as a downpayment, outlines how the process works, and more.
Note: this does not constitute as financial advice.