401k early withdrawal for first home purchase

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Can a first-time home buyer use money from a 401(k)?

When it comes to using money from a 401 (k), first-time home buyers need to keep in mind a few things, including the rules and penalties around early withdrawals from a 401 (k) account — as well as the potential loss of retirement savings.

Should you make a 401(k) withdrawal to buy a home?

In fact, it’s most likely one of the largest purchases you’ll make in your lifetime. You may be tempted to make a 401 (k) withdrawal for a home purchase, especially if you need to make the down payment. Let’s break down whether you should make a 401 (k) withdrawal to buy a home and other alternatives.

Is a 401(k) early withdrawal right for You?

Taking an early withdrawal from a 401 (k) retirement account before age 59½ could have steep financial penalties. Sometimes those consequences might be worth it—and they may even be entirely avoidable. Here’s how to decide if a 401 (k) early withdrawal is right for you. What Is a 401 (k) Early Withdrawal?

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