Any one cash in or borrow against there 401k

Any one cash in or borrow against there 401k

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I have the chance to buy a a beach home 300 yards from the water. I got enough in my 401k to cover it. But If I take it out I have to pay income tax right? It's there a penalty on top of that? If I borrow against it I just have to repay it back with interest right? I can't get a mortgage right now as I am not working and going to college. My wife can cover the bills just fine with about 1000$ dollars left over so I can't get a 1000$ mortgage because the money to bills would be to tight. I'm getting the place from a friend for tax value witch is 70% of market value. My 401 guy is on vacation till the end of next week so I just trying to figure out the basics till I set down with him.

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Any one cash in or borrow against there 401k