Need a Down Payment?

Consider borrowing from your 401K plan or individual retirement account. Seemingly, it would pay to do so, particularly if you are a first time home buyer. As I understand it, money borrowed from a 401 K must be repaid within five years, and generally the interest rate is very low. Indeed, once you get your tax credit of up to $8,000 you could repay that loan. Traditional IRA accounts (I'm not talking about SEP's or Roth's) will allow you to borrow up to $10,000. Check with your fund's advisor, and also check with your financial planner or accountant if you have questions about how this works or if it is the right thing for your to do.