Tessa Maropis Tapped $11,000 401(k) to Buy $280,000 South Philly Rowhouse

1 articles · Updated · The Philadelphia Inquirer · Aug 29

$11,000 from her 401(k) unlocked Tessa Maropis’ March 2023 purchase of an 896-square-foot South Philly rowhouse after she shifted from a frustrating rental search to buying.
A $15,000 seller’s assist helped close the deal on the $280,000 home, whose inspection found lead pipes, a carbon-monoxide-leaking furnace and termite damage.
Maropis added $5,000 from a year-end bonus for a 6% down payment, used an FHA loan at 6.2%, paid $2,100 in closing costs and later refinanced monthly payments from $2,200 to $1,800.
Three months after moving in, a layoff derailed plans to repay the 401(k) quickly and left her owing a small tax penalty, but she has kept renovating and says the neighborhood cemented her commitment to South Philly.