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Housing Market Update

Down Payments on Mortgage

  • A down payment is a payment you make at closing that goes toward the total purchase of your home.
  • Down payments can be provided in many ways, but the source can't be borrowed from a loan or credit card debt
  • Your mortgage advisor will consider all of your assets including checking and savings accounts, stocks, bonds, mutual funds, and retirement plans
  • You have the option of liquidating assets for your down payment.
  • A monetary gift is acceptable for a down payment, though your donor will be required to sign a gift letter
  • You can save money the old-fashioned way, but cash deposits tend to hinder the process
  • You will need to prove that you received the money through acceptable means due to anti money laundering laws

 

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