Can 401 Programs Be Used To Finance A House Purchase 5 Funding Sources, For A Down – Payment

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5 Funding Sources, For A Down – Payment

Although, living happily in a particular home requires a lot more than simply financial considerations, the reality is often, unless / until, you can have the financial / financing needs, including the down payment and money necessary for closing costs/expenses, you will not be able to cover these other requirements/needs! After more than a decade as a licensed real estate salesperson in New York State, I have come to firmly believe that the more educated and prepared the prospective and qualified home buyer, the better their decision-making ability. , and, often, their happiness, with the overall process! One such element, which requires attention and preparation, is having the necessary funds, for the required down payment and other related closing costs. With this in mind, this article will briefly attempt to consider, examine, review and discuss 5 possible sources of funding.

1. Friends and family: Perhaps, one of the most important sources of this funding is your friends and family. You probably know many homeowners who have obtained much of their necessary funds from one or a combination of these sources. These are, in general, the people, who care the most about us, and our needs, then, if they can. often, they are willing to help, the best, your personal circumstances, allow!

2. 401(K); trade unions; etc: Unlike the IRA, there are no tax penalties when we borrow funds from our 401(k) plans in order to pay off a house. Many unions also offer plans for their members to help with these types of eventualities. Some employers have specific programs designed to help inspire and motivate employees to remain loyal to their company. The key is to think outside the box!

3. Personal savings: In the long term, financial planning, unfortunately, is rarely used! With the power of capitalization, and the concept, of, Periodic – Payment – Investment, those who have the discipline, focus and commitment, as well as the ability, to periodically reserve specific funds, for this purpose, have accumulated the amount. of personal savings, which could make you have this down payment!

4. Sale of financial assets: Some use other financial assets, such as stocks, bonds and others, to accumulate the necessary financing, in a ready way!

5. Different percentages of advances required: Although, many believe, it is necessary to have 20%, to put it, the reality is that there are many circumstances, in which a smaller amount is needed. In fact, on average, the down payment is around 13%. However, it should be understood that if you put less, it will translate into a higher monthly payment. This can cause other challenges, in terms of qualifying for a mortgage, as well as monthly financial strains!

The bottom line is, be prepared! The more you know about your options, the better you can evaluate them and do what’s best for you.

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