Bad neighborhood, 4-year-old son, 50 mile commute, Old 401K. Any way to buy?
March 22, 2012 2:11 PM Subscribe
I currently live in a shady neighborhood on the South Side of Chicago. I call the police at least once a week. I also have a 50 mile commute through
the city. We want to move closer to my work sooner rather than later. After almost 2 years of unemployment that wiped us out financially, we're back on our feet, but savings is in rough shape. I have a 401k from my previous employer with about 30K in it, and I'm wondering if there is any sensible way to use the money in the 401k as a down payment so that we can buy, rather than rent. Making payments won't be a problem, just the down payment. We intend to stay in the new place for many years, and I really, really hate moving, so I'd rather not move this year into a rental, and then do it again in a year or two.
posted by Morydd to work & money (9 answers total) 1 user marked this as a favorite