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Down Payment.. The down payment is typically the biggest obstacle in purchasing a home. We've compile seven ways to assist you in accumulating your down payment. 1. Get a gift from an immediate family member. Documentation is required to prove that the money is a gift not a loan. A simple to signed gift letter will do here. 2. Borrow against your 401K plan or insurance policy. You can also cash out your 401K plan, but you will probably be subject to withdrawal penalties in the form of levied taxes. If you borrow, the loan payment can be counted as a debt. 3. Sell or borrow against an asset. The loan payment will be counted as a debt. 4. Obtain a low point or zero point loan. This will reduce cash at closing requirements, possibly allowing the lender to pay all or part of your non-recurring closing costs. 5. Ask the seller to pay for all or part of your non-recurring closing costs. This reduces the cash at closing requirement. 6. 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. This will reduce required down payment. 7. Consider a different loan program. Dynamic International Funding offers creative financing alternatives. |
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Call Us Now At: 303-317-3541 |
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EMAIL:
generalmail@difcolorado.com |
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