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Orea Form 401

Orea Form 401

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Video instructions and help with filling out and completing Orea Form 401

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Instructions and help about 401 form

should you use your 401k for a down [Music] payment what's up everybody it's Jeff dvar and Jeff the mortgage Pro this is a question that I get asked all the time and I thought why not put a video together of the pros and cons of using your your 401k for down payment uh so you know what to do and you can make your own decisions based on that okay so a couple key points so first of all what is a 401k well if you have one you probably already know but if you don't have one you probably don't know what it is but a 401k is just a retirement Savings Plan uh offered by a lot of employers in the United States there are two options for buying a house using your your 401k or either to a uh take a 401k loan or B taking a withdrawal from your 401k um for early withdrawals the IRS charges a 20% tax withholding and a 10% early withdrawal penalty and then in states where uh there is income tax for the state they will also most likely withhold some of their uh state inc

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