Hi Tiffany, I want to buy my first home but won't do so until I have 20% as a down payment. I don't have 20% in cash but I do have double that in my 401k. Should I wait until I save that amount in cash (approx 5 years), or borrow from my 401k? It just doesn't make sense to keep paying rent...

The answer is... it depends.
1st there are programs you can look into that will help you with that 20%. Take a look at NACA's (The Neighborhood Assistance Corporation of America) Purchasing Program: https://www.naca.com/
2nd: Renting isn't always a bad option. Here's a checklist to help you see if you're really ready for homeownership: http://thebudgetnistablog.com/2014/buying-a-home-checklist/
Live richer,
The Budgetnista
www.livericherchallenge.com <--my new, free, financial resource for women.

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