"The Easiest Way to Buy or
Sell a Home or Get a Home Loan in Klamath Falls" Information
provided by Town & Country Realty & United Mortgage Corporation of
America
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One of the biggest problems facing
potential homebuyers today is coming up with enough money for the downpayment
and closing costs. The amount of money you have available can greatly limit or
increase your purchasing power. Rather than saving all of the money yourself,
there are options that may help. Here are some ways to accumulate the necessary
funds that are acceptable to most lenders.
Have your parents give you the money as a gift.
Documentation will be required to prove that the money is actually a gift
and not a loan. Any taxpayer is permitted to give up to $10,000 per year to
another person without having to pay a gift tax. Technically, your mother
could give you $10,000 and give $10,000 to your spouse. Your father could do
the same. This would give you $40,000 for a downpayment and closing costs.
(Note: Unless you are putting down at least 20% or are obtaining an
affordable housing loan, 5% of the sales price must be your own money.) You
should consult your tax advisor for guidance.
Borrow against your 401(K)or insurance policy.
You can also cash out your 401(K) but you will be subject to withdrawal
penalties and payment of taxes. If you borrow against it, the loan payment
may be counted as a debt. You should consult your tax advisor for guidance.
Sell or borrow against an asset.
Selling an asset such as a car can help increase the amount of money you
have available. Borrowing against an asset is also acceptable as long as you
qualify with the additional debt.
Obtain a low point or zero point loan.
This will reduce the amount of your closing costs substantially. In some
instances, the lender can also pay all or a part of your non-recurring
closing costs, with higher pricing (i.e., rate).
Ask the seller to pay for all or a part of your non-recurring closing
costs (within allowable limits).
Your real estate agent can assist you with this when you make an offer on a
home.
Ask the seller to carry back financing.
If the seller does not need all of the equity in their property, they may be
willing to carry some of the financing which will reduce the amount of your
downpayment.
Consider different loan programs.
Your loan officer can help you in determining the best loan program to suit
your needs. There are a wide variety of programs that require lower
downpayments and assist with closing costs. There are also city and county
downpayment assistance programs you can investigate.
