Can you use your 401K funds to purchase your first morgage without penalties?

Question

I have a good amount that I would like to purchase and pay off a primary residence.

Answer 1

www.401k.org

Answer 2

You probably have to pay Capital Gain, but it's worth it because some of it goes to Social Security and you get a bigger pension when you retire.

Answer 3

No.  If you take it out, you will pay heavy taxes.  

Answer 4

ask the company doing your 401 if you can borrow against your 401 k to buy a house you intend to life in. my would let me as long as i pay back the loan with out penlty

Answer 5

No.

You could quit your job, roll the money to an IRA, take out $10,000 to buy a first-time home and not get hit with the penalties, but that's not what your are thinking of.