I finally decided to get out of renting and buy my own studio apartment. Before I proceed I need to pay off debts. I’m planning to use a loan from my 401k to pay for the down payment and use some to pay debts. Will this be a problem if I do both? by seanq912 from Altonah, Utah. Feb 9th 2022
Congratulations on making a smart move to become an owner. Your plan may be sound, but before you do this, you should talk with a licensed Mortgage Broker to go over your qualifications. This is one of those questions where the answer is "It depends." Sometimes it is better to have funds available with some debt, than to deplete your funds and have no debt. Not knowing exactly what your situation is, working with a licensed Broker can help you make the right choice to get your loan approved.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
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