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401k loan for house down payment
Old 06-03-2008, 02:08 PM   #1
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Join Date: Jun 2008
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I'm going to pose this question verbatim how it was asked of me by my younger brother. I dont know his financial details but he is single, 30, and rents currently. He has a good job but I dont know his income or how much he has in his 401k.

His question:

Quote:
"What's the down side of borrowing against your 401k as a down payment on a house? (Besides the lost interest)"
I really dont know the answer. I've been advising he look for a house or condo as opposed to renting. Is that wise advice?
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