What are the common sources of down payment?
Believe it or not, physical cash can’t be used until it’s been in an account for over two months. So, if you have money under your mattress, deposit it into a bank account soon, so you can use it in the future.
Despite not being able to use cash, there are still plenty of options. The most common are from your checking or savings accounts.
Many retirement plans, such as a 401(k) allow for money to be withdrawn as a down payment. Simply, check the “terms of withdrawal” for eligibility.
Money Market, brokerage accounts, and tapping into equity lines are also ways to come up with the cash you need.
Even if you don’t have enough money from any of these common sources, you can get a gift. If a family member is willing to help you buy a home, they can simply fill out a form to give you the money.
If you have any questions about down payment sources or any other mortgage needs, reach out to our team and we can walk you through different options.
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