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    enrolled2799's Avatar
    enrolled2799 Posts: 1, Reputation: 1
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    #1

    Nov 7, 2009, 01:49 PM
    401k payment used to qualify for morgtage payment
    My wife and I are retired and get social security a pension and would use 10,000 yearly withdrawl from 401k as additional income to qualify to make mortgage payment.
    John caruso
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Nov 7, 2009, 02:43 PM

    Depending upon the total amount of the 401K, would this additional money be available to you for 30 years? I doubt this would help qualify you for a mortgage as this is not a savings account but an account that can fluctuate depending upon the market. You can try it, but don't be surprised if you are not approved.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Nov 7, 2009, 04:44 PM

    You would have to show that there is enough in the account to support a $10K annual withdrawal. I would also suspect that the lender would require a shorter term which may mean an elevated payment.

    But yes, you may be able to use income from a 401(k) to qualify for a mortgage.
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