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.


 Barrett Financial Group, LLC. All rights reserved.
Privacy Policy | Preventing Identity Theft

Credit Bureaus: Experian | Equifax | TransUnion

 ehl 


Barrett Financial Group, L.L.C.
2168 E. Williams Field Rd., Suite 245
Gilbert, AZ 85295

(480) 459-4500 | Fax  (800) 385-3630
loans@barrettfinancial.com

NMLS #181106
AZ MB - 0904774
Loans made or arranged pursuant to Finance Lenders Law License CA 60DBO 46052
Equal Housing Lender.

 


 Barrett Financial Group, LLC. All rights reserved.
Privacy Policy | Preventing Identity Theft

Credit Bureaus: Experian | Equifax | TransUnion

 ehl 


Barrett Financial Group, L.L.C.
2168 E. Williams Field Rd., Suite 245
Gilbert, AZ 85295

(480) 459-4500 | Fax  (800) 385-3630
loans@barrettfinancial.com

NMLS #181106
AZ MB - 0904774
Loans made or arranged pursuant to Finance Lenders Law License CA 60DBO 46052
Equal Housing Lender.