If you have thought about buying a house in Florida and you do not have all the money to make the downpayment of your dream house, you may have already asked yourself the following questions: Are you thinking purchasing your Primary Home? Do you know that you can use your retirement 401K as Downpayment Source? If these are your questions then continue reading and discover all the possibilities you have to make your initial payment.
There are several ways to obtain money to make the down payment on your property, among the most common are:
- Gift from a family member: You can use gifts from family members to help you pay the downpayment.
- 401K Retirement Funds: If you have a 401K retirement account from your employer, you can use portions of it to pay the initial downpayment and closing costs.
Today, many homebuyers choose to use their retirement funds from their 401K account to pay initial downpayment and closing costs. Also, you can use your IRA retirement funds, first-time homebuyers can withdraw those funds without an early withdrawal penalty.
Needs more Information?
As you can see, there are a few ways to obtain the funds for downpayment and closing costs. In addition, there are government programs that admit up to a minimum of 3% downpayment through Conventional programs, or as little as 3.5% through the FHA program to purchase your Primary Residence. Each case is particular, please contact your Loan Officer to find out what are your options to make the cheapest initial downpayment according to your needs.
As a Mortgage Loan Officer in Florida, I can advise you throughout the mortgage loan process. If you are thinking of buying a property in Florida, send me a message or click here to contact me and I will be ready to give you a totally FREE Financial Advice.