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If I need an additional $75,000 to put a downpayment on a house, can I borrow from my 401k with my current employer as well as my prior employer?


ANSWER


The BIDaWIZ Team's Answer:

It depends on your prior employer, some put restrictions on your 401K when you leave the company such as no longer being allowed to borrow against it. This would be stated in the plan prospectus.

Also, please note that if you leave your current company before the loan is repaid, you generally have 60 to 90 days to pay it back or it will be treated as a regular withdrawal.

The BIDaWIZ Team

 

 

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