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 Help With Your Down Payment? Consider These Unconventional Strategies

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Buying a home, down payment assistance, down payments, downpayment, Downpayment Assistance, Downpayment to buy a home, homes for sale in Jacksonville FL, inflation, 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

Having a large down payment can make it easier to buy a home. But if your savings account isn’t where you’d like it to be, that doesn’t mean you can’t come up with a solid down payment; you just might need to think outside of the box

So what are some out-of-the-box strategies you might be able to use to get the down payment you need to buy your dream home?

A recent article from realtor.com outlined lesser-known strategies potential homebuyers can leverage to come up with a down payment, including:

• Tap into your IRA. If you’re a first-time homebuyer, you can withdraw money from your IRA for a down payment, without having to pay the 10 percent early withdrawal penalty or restore the funds to your account. (Just keep in mind you will have to pay taxes on whatever you withdraw from your account.)
• Explore assistance programs. Many cities, states, and nonprofit organizations offer down payment assistance programs to help certain types of people (for example, teachers, civil servants, or people below a certain income threshold) successfully purchase homes. Do your research to see if you qualify; if so, you may be able to get a solid portion of your down payment covered, which will make it easier to buy a home. Check our homepage for an exhaustive list of assistance programs – HanleyHomeTeam.com
• Talk to your employer. Some companies have employee-assisted housing programs that offer employees low-interest (or even zero-interest!) loans to help them purchase a home. While this certainly isn’t a perk that every employer offers, if you think it may be something your company offers, talk to your supervisor or human resources department to see if you qualify.

Let’s get creative! Kevin and Jennifer Hanley, REALTORS, The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

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

Down Payment Advice

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down payments, gift, home loan, home purchases

We thought we’d share a little information you might find helpful with regards to down payments on home purchases. (It might save you a headache down the road!)

As you probably know, it’s crucial to come up with at least 3.5% of the purchase price for a down payment. What you might not realize is that if that down payment is in the form of a gift from someone, the sale of some personal asset, trust fund, or award, you’ll need to have documentation providing evidence of the source.

For example, a down payment from a parent (giftor) to you (giftee) will need not only a letter explaining the gift, but also a paper trail of bank statements showing where the funds originated and where they have been deposited.

Also, if you’re justifying your down payment from the sale of an asset (say a recreational vehicle, stock, or other valuables) you’ll need to have documentation which shows the bill of sale or source of the funds.

We know the last thing you may want to deal with is more paperwork, but it would be worse to have your loan delayed or even denied. Even if you’re able to provide the documentation, the time spent getting it together could endanger your rate lock or run afoul of other deadlines. Nobody wants that! Our goal, as always, is a smooth transaction for everyone involved. We hope this helps!  Of course, let us know if you have questions for us – Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com 904-422-7626