Putting Less Than 20% Down?  What Would My Payment Be?” 

Real Estate Broker/Owner with Kenna Real Estate ER40035749

Putting Less Than 20% Down on a Denver Area Home?”

Where can you get down payment money to purchase a Denver home?

If you don’t have the cash set aside, there is an opportunity if you have a 401k retirement account.

All 401k accounts come with a loan provision.  Which means you can borrow against your 401k.  Typically, you can take a loan out up to 50% of the value of the 401k.

For example, if you have $20,000 in a 401k account, you can borrow $10,000 against it. 

The loan payments are an automatic deduction out of your paycheck.   Usually, a 5 term.  What is great about this, is the interest you pay is paid to your 401k account.  So, you’re increasing the size of your 401k with each payment.

Also, because of the value of your 401k account is 50% or larger than the size of the loan, the payment for the 401k loan is not counted towards your debt-to-income ratio when qualifying for a mortgage loan. 

Many people do this to purchase a home.  It gives you access and use of your 401k money before you turn 59.5 years old. 

If you have questions or concerns, don’t hesitate to pick up the phone and call me at 720-988-5404 or zap me back an email. 

If you would like to see what payments would look like for you get my no cost, no obligation mortgage spreadsheet.  It’s a tool that will show you what your down payment will be as well as a very good estimate of your total payment.  No personal information is needed.  To get one simply go to www.co-lender.com/purchase and fill out the form.  And within 24-48 hours your spreadsheet will emailed and mailed to you. 



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Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, - Your Coastal Bend Home Source

very good information, thanks!


Feb 27, 2017 07:49 PM #1
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Brian Burke

Broker & Advising Expert-Denver Luxury Real Estate
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