I understand one can take a loan up to 50%/$50K from a Solo 401k, and if the loan is used to purchase a primary residence, the maximum term of 5 years does not apply.

I have a couple of questions:
– To qualify as a Primary Residence Purchase, does the 401k money have to be removed from the account prior to closing of the real estate transaction? Or can it be used a few days later to payoff a 2nd mortgage? Or can it be used to replenish the balance in a taxable account where the down-payment money actually came from?
– What is the maximum loan term in these cases? Is it 30 years?
– What is considered a reasonable rate of interest by the IRS?
– Can a married couple borrow a total of $100K as a qualifying home purchase if each has their own Solo 401k?

Thanks!