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Can I use 401k funds for closing cost with a va loan?

by nikul.tswai282 from Anaheim, California. Jun 2nd 2015 Reply


Yes u can if funds are liquidated

Jun 2nd 2015
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Cynthia Harris (cyndi@accloanpro.com)
#1017 ranked lender in California - 2 contributions

VA and lenders will allow for 401K funds to be used for closing costs or a down payment.Your 401K terms will have specific info on how to loan against it for the purchase of a home.Hope this helps!

Jun 2nd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Yes.. but the lender will require you provide your 401K disbursement policy.. and you will be subject to penalties and taxes on the withdrawn funds.. but yes.. However, It might be better to have your lender charge you a slightly higher interest rate and have them pay your costs... no paper work, no tax consequences, much easier, and the payment shouldn't be that much more.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 2nd 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Yes, I would imagine you can take a loan against your 401K for the purchase of a new home. You would then just be repaying yourself monthly out of your payroll check.

Jun 2nd 2015
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