Buying a home today in San Diego is an exciting decision, but in today’s changing mortgage market, it can be a very stressful as well.
I’ve documented success stories from hundreds of transactions that have closed smoothly over the years, and have come up with a bullet-proof cheat sheet for ACING your mortgage application.
One of my favorite extracurricular activities is teaching Financial Peace University in my local community. I strongly feel that should this 12-week class be taught in colleges and high schools across America, that we would see an immediate improvement in our country’s financial health. More importantly, I am living proof that these principles work.
Using 401k Assets For Your Downpayment
If you know me, I take buying a home as well as my client’s investments very seriously, so before making an “off-the-cuff” decision to borrower against or cash-out a 401k, I recommend you meet with a professional and discuss a few crucial items.
If accepting a “gift” for your down payment, closing costs, or earnest money is part of your mortgage financing strategy, it’s important to understand that FHA, VA and USDA have strict guidelines to follow in accepting and using the gift.
Below you will find a gift letter procedure handout accompanied by a Certified Down Payment Gift Letter. Please make sure to follow each step to a “T” and do not hesitate to contact me directly if you have any questions.
By now, you probably realize that your credit score plays a MAJOR role in your life.
It can have an impact on whether or not you get a job, earn a promotion, and consequently, end up costing you thousands of dollars in interest paid on credit cards, car loans, and even a mortgage.