All Posts Tagged With: "downpayment"
Washington Special Interests and Mortgage Loans
“Pro-Housing Policies will Stimulate Job Growth” says the National Association of Home Builders. Well, good, where do we start? What exactly are those “pro-housing” policies? “The inventory of new homes for sale is at a record low and there are many areas of the country that are approaching a housing shortage. Tight credit conditions are [...]
11Oct2011 | Peter G. Miller | 0 comments | Continued
Why You WON’T Need a 20% Down Payment For a Mortgage Loan
There’s been a lot of talk claiming that new mortgage rules will soon require borrowers to put down 20 percent if they want to buy a home. Such talk is nonsense. The alleged culprit in this matter is the Dodd-Frank Wall Street Reform and Consumer Protection Act. Having failed to prevent its passage, the lending [...]
28Jun2011 | Peter G. Miller | 0 comments | Continued
Can I borrow against my 401K program to get a down payment?
With many 401K programs — but not all — up to 50 percent of the account balance, but no more than $50,000, can be borrowed. Money borrowed must be repaid. If not repaid, there can be substantial tax consequences. For details regarding your right to borrow 401K money, speak with your retirement account manager BEFORE [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Are Big Or Small Down Payments Better?
The real question is whether it’s better to put money into a home or elsewhere. Without knowing the rate of return for “elsewhere” and the level of risk and tax consequences when compared with putting money into your own home, any answer is speculation. As a practical matter, most first-time buyers have little choice — [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Can I raise a mortgage down payment borrowing from credit cards?
Let us say you borrow $10,000 from a credit card, or jointly from several credit cards. You now have a debt item which must be reported to lenders. The debt requires monthly payments, and those monthly payments will reduce your ability to qualify for a mortgage. No less important, credit card interest is vastly higher [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
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