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    Where Can My Down Payment Funds Come From When Buying A Home? | Fridays with Fred

     

    As a long time Orange County Realtor, one common question that I’ve been asked from buyers during the course of my career in this: Fred, where can my down payment funds come from?

    The answer to this question is simple, your down payment funds can come from a variety of resources including your savings account, checking account, 401(k), IRA or a property that has equity which you plan on selling.

    Have a financial plan

    During the home buying process, one of the most important things that you have to remember is that you must have a financial plan in place that you can use to get the money needed for a down payment before the time comes for you to come up with that money.

    Following a plan is critical. As a homebuyer, you must also anticipate additional funds that you have to come up with during the process of buying a home like: paying property taxes, home inspection fees, homeowners insurance and more.

    The funds that you used for the down payment on your home can be liquid or they can be available in a variety of resources.

    The main thing that you want to be ready for is that that before the time comes when you submit an offer on a home you have quick access to the funds that you need to put down and use so you don’t lose the home of your dreams.

    Contact a mortgage lender

    The good news about living in Orange County is that there are plenty of mortgage lenders available who can help you come up with the right plan that you need to follow when the time does come for you purchase your next dream home.

    To find the right mortgage lender for you, contact us today by calling 949-272-0125.

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