jtsdad13
Full Access Member
does anyone know if it is possible to borrow more than 50% from a retirement account. if so what is the loophole. i am 28 years old, got my credit score to 800, make good money and am having a rough time in trying to get a home. my current debt to income is only 25% with our condo, 17% without. we have faced the facts and are hiring a real estate agent to rid ourselves of our condo. with the baby 16 days out and closing in, I dont have time to worry about the condo. i have to focus on wife and sons. i have about 35K in cash retirement account through the group i work for. i figure i need to come up with 5K for real estate agent, 10-15 for down payment (local bank has 3.5% down program if you stay under 270K) and 5K for small personal loan from a couple of years ago. so i am looking at 25K to be safe. our retirement plan is through northwestern mutual and their guy told me i could access all of it. some guys in the group tell me only 50% up to 50k is available. from what i have read i can only get 50%. does you guys know any secrets on getting at the entire amount?
