F It, probably won't make it to retirement. Cashing out retirement to buy a house

[monica214]

@blecap1 I for one think this is a great move! Being in control of your home and surroundings increases your happiness and pride in your home and yourself. And owning a home is key to financial security and independence. It’s one of the steps in the Richest Man in Babylon.

Yes, the money will grow in a 401 k, but you won’t get the utility of the funds for years.

Meanwhile, a smart home investment will also grow equity for you and keep your payment stable so you can plan for your future.

 

[farmboy]

@blecap1 If you have a 403B your employment might make you count as a “good neighbor” sometimes there’s houses on the HUD that good neighbors can get for half the cost. Down side is usually it’s in areas the state determines needs help, but that’ll mean it’ll be cheaper and within your means.

 

[godisgracious24]

@blecap1 Honestly I support this! No one knows how long we will live, rather enjoy it!

 

[smashquest333]

@blecap1 You could have instead worked on building a decent credit score, and applying for a FHA loan, with a super low down payment. I think I plunked down around 6k to get my place. That being said, it’s a terrible time to buy. You should wait it out. I wouldn’t touch that retirement. That is a total 25 year old kid type move there....nobody in their right mind would tell you that’s a good idea...The housing market is about the worst market for buying that I’ve ever seen it in.
Just stick it out. A house is a place to live, just like renting is a place to live. Things will cool off and your situation will probably improve by the time conditions are good to buy.

 

[spiritofselah]

@blecap1 Maybe buy a duplex instead of a house.