Originally Posted by
capncrunch
Side Question:
As I understand it, we can take a loan out on our 401K from Fidelity. Does anyone know what the restrictions are? IOW, does it have to be for first time home buyers, etc. Or can I take the loan to buy an investment property?
It's extremely easy. You can take multiple loans out, too. It's all done online and the money is transferred directly into the bank account you choose. Interest rate right now is 4.25%. You can take out a loan for principal home purchase (max 10 years) or general purpose (max 4 years). So in your case, you could only take a general purpose loan out to pay for an investment property.