Pacific Bay Lending
Friday, January 24, 2020
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Desmond Elder
Mortgage Advisor
CA Bureau of Real Estate #01350508
NMLS# 29360

 

Supervising Broker Pacific Bay Lending
CA Bureau of Real Estate #01874818
NMLS #318011

 

711 Grand Avenue, Suite 265
San Rafael, CA 94901
530.582.4238

 

Desmond@PacBayLend.com

 

tahoe truckee sacramento mortgage loan

 

www.NMLSconsumeraccess.org

 

Desmond Elder
Mortgage Advisor
CA Bureau of Real Estate #01350508
NMLS# 29360

 

Supervising Broker Pacific Bay Lending
CA Bureau of Real Estate #01874818
NMLS #318011

 

711 Grand Avenue, Suite 265
San Rafael, CA 94901
530.582.4238

 

Desmond@PacBayLend.com

 

tahoe truckee sacramento mortgage loan

 

www.NMLSconsumeraccess.org

   

Down Payment Loans and Gifts

 

Loans and gifts can help with your down payment, but you can not use this strategy for all loan programs. The most popular program for this tactic is the Federal Housing Administration or FHA. FHA allows 100% gift funds for your down payment. The gift can be from any relative or can be collected through new innovative programs, like the Bridal Registry where couples receive money into an account that can be used for the down payment.

Another popular tactic, which can be used in a wider range of programs, is to borrow from your 401K program. If you have a 401K program with your employer, you can withdraw without a penalty for your down payment and pay it back over a specified period. There are some drawbacks, the payment will be used in qualifying and your 401K account will not continue to grow as fast. Even with these drawbacks, it is often a smart move if this is your only option.

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