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Good info in this thread. We're actually facing this same situation. We could go the usual route and put a contingency on the purchase contract that our house sells first but it's such a sellers market where I live, it will make landing a house we want that much harder.
anyone use a 60 day 401k withdrawal to bridge loan
You can borrow against your 401k (Don't withdraw, the keyword here is Borrow). You pay around 4-5% interest but the good things is that you will be paying this to yourself. My 401k plan allows 1 year, 5 year and 10 years duration loan. 10 years loan is specifically for buying a property and considered long-term loan. You have to provide a signed home purchase contract. you will be paying back via payroll deductions. If you choose to change the employer or laidoff, you will have 90 days to pay this back (depending on your plan terms). It's not complicated at all.
You just need to call your 401k plan administrator to understand rules.
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anyone use a 60 day 401k withdrawal to bridge loan
