SAN DIEGO, Calif., May 31, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that strives to empower home loan borrowers with first class information, valuable resources and connections to top rated industry professionals. Their articles offer in-depth knowledge in an easy to understand package which has quickly turned the website into a trusted destination for current news and expert loan advice. Down payment can be hard to come by for home buyers, and the experts at Loan Love know this. In their latest featured article, titled "Home Loan Down Payment Assistance (Know Your Options)" Loan Love offers to readers only the best home loan down payment assistance options among other financial advice tips.
A home down payment is nothing to scoff at, as the article states: "Pulling together a sizable stash of cash can sometimes stop a prospective homebuyer in his or her tracks. Unless you qualify for certain loan programs that require little money down, you've probably found coming up with your down payment to be the biggest challenge standing between you and home ownership. But there are several avenues to consider for home loan down payment assistance."
The article goes on to say that before a home buyer searches for home down payment assistance, they must consider their options carefully. Specifically, ome buyers must first ask themselves the following four questions:
- "Are you able to verify beyond any doubt that the source of your down payment is legal and not a scam?
- Has your bank lender or mortgage broker confirmed that your potential source is an approved one, according to the rules of your particular loan program?
- Have you reviewed your plan with a certified public accountant to determine impacts on your taxes and/or retirement account, as applicable?
- Are you prepared to keep a detailed paper trail of any transactions for both your lender and for tax purposes?"
With that in mind, there are many low-risk options when it comes to down payment, home owners only need to know where to look first. The article shows a number of ways home buyers can get a down payment on a home which includes:
- "Investigate state and local housing incentives. Depending on your location and situation, there may be state and local housing incentives, grants or special loan programs available to you. These change frequently, but your real estate agent is an excellent source for this type of information.
- Maximize your savings. The traditional route for coming up with a down payment is to save a specific amount each month until you've got enough to get financing. Automatic deposits into your savings account out of each paycheck is a convenient way to grow your savings.
- Liquidate unnecessary assets. Do you have a boat, jet ski, cycle or other toys? Now is the time to consider sacrificing a few of these goodies in the short-term to make your longer-term dream of home ownership come true.
- Sell off other investments. If you have stocks, mutual funds, bonds and other taxable investments, sell these before you consider sources that carry tax penalties, like dipping into your 401(k)."
Other opportunities are also available for easing a down payment. An example of this is borrowing from a 401(k). Other opportunities include negotiating with the seller of the home. These are just a few ways to make the home down payment process easier. To learn more on what are some the best home down payment assistance options available, please visit LoanLove.com for the complete article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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