The Spring
Home Buying Season is Right Around the Corner and it is time to
GET DOWN to
It?
Let's not Candy-Coat it - Money Talks & BS Walks!!
I
was speaking with a good friend and seasoned Realtor Sharon Lantz
several weeks back about how time flies. While buried in the Holiday
Season we realized that NOW is when Buyers Should be getting themselves
ready if they were to by this Spring!
I am, more & more, finding that one of the main hurdles facing most Home
Buyer is a source of cash for Down Payment.
Here are 5 Sources that you may not have considered.
NOTE to BUYERS - CASH GIVES YOU
MORE FINANCING OPTIONS
MORE FINANCING OPTIONS
Borrow from the 401(k): Borrowing from your
retirement plan to invest in a home is an option. If your plan permits you to. You may withdraw up to $10,000 without IRS
Penalty, but you will still have to pay income tax on the amount taken. But, if you can borrow, you get to pay yourself
back without paying the tax on any withdrawal.
More work: Yes, that’s right: more
work. If you’re serious about reaching your down
payment goal, consider spending a few hours
working part-time. Ten hours per week at $10 per hour for a year will get you $5200 closer
to your goal.
Payroll deductions: One of the best ways to
save money is to hide it from yourself. Redirecting some funds from your direct deposit to a
special savings account can be a great way to trick yourself
into saving.
Tax refund: You know it’s coming,
why not use it toward your down payment? If you’re
really serious about home ownership, talk
to an accountant about tax planning to make
sure there is a little green at the end of
the year to help with your down payment.
Sell an Asset: If you have a used car, jewelry or
other items of value you can sell them to use as down payment on a new home.
Just make sure you get a bill of sale & document any deposits into your
bank account. OR, if you have a bunch of
stuff, have a yard sale.
Whatever
your Method of Down Payment, PLEASE make sure you document "What you
do" properly OR you may as well have not done it at all. Underwriters
are sticklers for paper-trailing EVERYTHING!!!
Questions - 302-897-8558
Happy 2013 to All!!!
Chris Rowe
Felt more complete after reading your post. Now I know how I can solve some problem of mine. Thanks!
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Ali,
DeleteHope it helped. Just passing on good info when we find it is always a good move. Please share with some folks you may know.