Downpayment Assistance

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Buying a home, down payment assistance, down payment help, down payments, downpayment, Downpayment Assistance, Downpayment to buy a home, homes for sale in Jacksonville FL, Jacksonville FL Real Estate, Jacksonville Real Estate, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, The best real estate agent in Jacksonville

Did you know 78% of the homes listed right now in Northeast Florida are eligible for some sort of downpayment and/or closing costs assistance? There are currently 44 programs and 28 agencies with available funds with purchase prices up to $415,000! Downpayment help is usually from $5000 to $45,000 – the average being $14,000!  

Are you eligible? Get in touch with us now or use this link to check online! Downpayment Money

Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 or HanleyHomeTeam.com

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Need To Come Up With A House Down Payment Fast? Try Tapping These Resources

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down payment assistance, down payment help, down payments, Jacksonville Real Estate, real estate, real estate advice, real estate consultant, real estate information, real estate jacksonville fl, Real Estate Team, real estate tips, The best real estate agent in Jacksonville

Ideally, when you’re ready to buy a home, you’ll have spent a significant amount of time socking away money for your down payment. But sometimes, you find your dream home earlier than expected—and you need a way to come up with some extra cash for the down payment, fast.

So, the question is, if you find yourself in that situation, what options may be available to help you get the cash you need to buy your home?

A recent article from realtor.com outlined speedy ways to come up with a down payment, including:

• Your 401(k). Most 401(k) plans allow you to borrow against the balance—often up to 50 percent of the balance or $50,000. Generally, you can access funds in about a week—but keep in mind that if you withdraw funds from your 401(k) early, you may have to pay a penalty and those funds will be counted as gross income, and it can also have tax implications. 
• Your IRA. Generally, withdrawing funds early from your IRA carries the same penalty as withdrawing from your 401(k)—but that penalty is waived for first-time home buyers. So, if you have a balance in your IRA and you’re buying a home for the first time, it’s a better resource to tap for your down payment.
• Explore down payment assistance programs. Certain cities, states, and local nonprofit organizations sometimes partner with banks to offer down payment assistance. If you need help getting the cash for your down payment, do your research to see if there are any local programs you qualify for.

The Takeaway:

Bottom line? You should definitely invest time into saving for a down payment—but if you need a bit of extra cash (and quickly), these resources can be a great way to get the funds you need to buy your home. But, since many of these options may have tax or financial implications, you should consult with your accountant or financial advisor before doing so.

Need more tips or are you ready to get started on your home search? Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Which down payment strategy is right for you?

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Buying a home, down payment help, home ownership, real estate

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.

But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.

THE DOWNSIDE

The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.

THE UPSIDE

The national average for home appreciation is about five percent. The appreciation is independent from your home payment, so whether you put down 20 percent or three percent, the increase in equity is the same. If you’re looking at your home as an investment, putting down a smaller amount can lead to a higher return on investment, while also leaving more of your savings free for home repairs, upgrades, or other investment opportunities.

THE HAPPY MEDIUM

Of course, your home payment options aren’t binary. Most borrowers can find some common ground between the security of a traditional 20 percent and an investment-focused, small down payment. Your trusted real estate professional can provide some answers as you explore your financing options.

Have any questions? Give us a call today!

Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Accepting a Gift for a Downpayment

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disclosing the source of your down payment, down payment assistance, down payment gift, down payment help, gift, mortgage loan

Ready to buy your first home? Have a down payment ready to go? Before you apply for that mortgage, here’s something you should know about disclosing the source of your down payment.

Q: Part of my down payment was a gift from my parents. How will this impact my mortgage application?

A: It depends on the type of mortgage you’re applying for.

You should be prepared to explain your gift with documentation. While FHA loans typically will permit a down payment from a family source, your more conventional mortgage will expect at least 5% of the funds to have come from you.

One of the keys to ensuring this process goes smoothly is having documentation to back up your claim. Bank statements showing the source of the money (and when you received it) are a good place to start, along with a letter signed from your generous benefactor declaring the gift.

As a rule, you should be careful of any large deposits to your account (besides your regular pay).

I urge you to talk to a mortgage professional for complete details as they pertain to your specific situation.

Need a referral to a qualified mortgage broker? We’d be glad to share with you the names of people we know and trust. Contact us today for a referral: Kevin and Jennifer Hanley, REALTORS 904-477-5278 Jennifer@HanleyHomeTeam.com