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Home › Forums › Purchase Program › Difficulty with 401k Withdrawal
Tagged: 401k, funds withdrawal, Loan Estimate
2019homeowner.
2019homeownerCONGRATS THAT IS AWESOME!!! Did BOA label the buy down amount as down payment on the loan estimate?
NacaPhillyBuyerThank you @2019homeowner, I was so relieved when the updated loan estimate came in the mail. The buy down was listed under Loan costs as points. Hope this helps 🙂
2019homeownerThis definitely helped! Keep us updated with your closing!
DCL822@NacaPhillyBuyer That’s wonderful news! Glad you were able to withdraw your funds. Thanks for the tip about using the BOA loan estimate as proof. I will try to get an updated loan estimate from BOA. The original estimate I received did not list the correct amount for my buy down, so I don’t think I will be able to use that one.
2019homeownerHi @NacaPhillyBuyer Were you able to pass credit access and submit your bank application without having the buy down money moved from your 401K account into your checking account? If so, did credit access pass you based on your 401K statement? Is your approval amount high enough that you don’t have to buy down the interest rate or do you have to buy down the interest rate in order to meet your approval amount?