Can I Convert 401k To IRA And Then Borrow
Can we convert a 410K to an IRA, then borrow from that account to build a principle residence.
401K about $200K....would need most of it.
Or any suggestions on how to structure such a plan?
[ Edited by LynLinz on Date 03/31/2010 ]
no can do, only legal for investment property and then not such a good idea
Many 401(k) plans allow you to borrow up to 50% of the value of your holdings in your 401(k). You can usually use the money for any purpose. Have you looked at that yet?
Pretty sure that your real estate investing from you IRA has to be an arms length transaction --- so no investing in your own residence...
[addsig]
HI ,
I like this program and I contact them for more information nobody answer my call. Any idea this program still exist with the first time buyer challenge credit.
Thank