It's important to note that lenders may have specific requirements for down payment sources, and it's important to discuss your options with a mortgage professional. At Synergy Capital Lending, Inc., we can help you explore all of your options and find the best solution for your unique situation. Contact us today to learn more. Here are some common sources of down payment funds:
If you have a retirement account, such as a 401(k) or IRA, you may be able to withdraw funds penalty-free for a first-time home purchase. However, it's important to weigh the pros and cons of using retirement funds for a down payment.
Many states, cities, and non-profit organizations offer down payment assistance programs to help low- and moderate-income homebuyers. These programs can provide grants, loans, or other forms of assistance to help with down payment and closing costs.
Another common source of down payment funds is a gift from family or friends. A gift can be used for all or part of the down payment, and it's important to ensure that the gift meets the lender's requirements.
The most common source of down payment funds is your personal savings. If you've been putting aside money each month, this can be a great source of funds for your down payment.
If you're a current homeowner, you may be able to use the equity from your existing property to fund the down payment on your new home.
Dustin Fritz
Owner/Broker
850 Iron Point Rd.,
Suite #212,
Folsom, CA 95630
Office: (916) 459-1158
Cell: (916) 320-6845
Fax: (916) 258-0947
Company NMLS #8580, NMLS Consumer Access / CA BRE: 01867225 / ID Lic. #NBL-2080008580 / WA Lic. #CL-8580. License held in: CA, TX, ID, WA
For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply.