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<p>[QUOTE=&quot;NorthKorea, post: 2757438, member: 29643&quot;]You don&#039;t necessarily need to. Unless the law has changed, you&#039;re allowed to withdraw $10k from your 401k without penalty (taxes still owed) to use toward the purchase of a first home. If you actually need to borrow from your 401k for your first home, you might want to look into how much PMI will cost you for having a lower down payment. If you do the calculation, it may turn out that for the same dollar outlay in the first three years (mortgage + 401k loan repayment versus mortgage + PMI + over payment equal to differential) you end up better off on the mortgage itself. Talk to your tax advisor and financial advisor about potential tax consequences and benefits of each strategy.</p><p><br /></p><p><i>I&#039;m no longer a financial advisor, and nothing in this post (or any of my other posts) should be construed to be financial advice. I&#039;m merely creating a scenario to better explain some of the potential consequences of financial options.</i>[/QUOTE]</p><p><br /></p>

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