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Old 02-07-2013, 05:29 PM
 
1 posts, read 3,702 times
Reputation: 10

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I'm saving for home and should have 10% and the closing costs by the time I close. However, I will not have much for reserves. I've read that you can use your 401k toward reserves, and 60-70% of it will count. Do I have to withdraw it or take a loan against it before it counts, or can I just keep it in my 401k account for it to be considered part of my cash reserve.
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Old 02-07-2013, 05:54 PM
 
213 posts, read 692,571 times
Reputation: 175
You dont need to touch it, it just needs to be in the account
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Old 02-08-2013, 08:58 AM
 
106 posts, read 429,888 times
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And they want to make sure it's a type of 401k where you can withdraw money at anytime in case of hardship. If won't fly if it's one that you cant cash in before retirement or termination.
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Old 02-10-2013, 02:45 PM
 
Location: MID ATLANTIC
8,206 posts, read 20,334,789 times
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Yes, you have to print out the instructions for loans and hardship withdrawals.
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Old 02-11-2013, 10:03 AM
 
4,983 posts, read 12,668,047 times
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I have never had to do anything other than provide a copy of the most recent statement. Never had to provide any terms for loans or hardships. I think the concept is based on job loss. I beleive you can withdraw from all 401k's after job loss.
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