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Should You Pull Your 401(k) for a Home?

I am 34 and have 22K in my 401(k). I do not have a lot of savings, a couple hundred dollars, not enough for a down payment. I have a plan to be debt free, including car and student loans by 2012. I was planning on waiting until that time to look for a house. But now that the market has dropped and my 401(k) has lost about $3,000, I'm tempted to buy a house now. My question is this: Is it better to leave my money in my 401(k) or take out half of my 401(k) now in order to invest it in a very, very well-priced house? The 401(k) would have to be paid back over the next five years with interest. Because of both the California (where I live) and Federal tax incentives to buy a home, it seems like my money might be a better long-term investment at this point in a house rather than in the stock market.

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Tag: payment

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