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When someone is selling their current home but hasn’t sold it yet, the lender can still move forward with their mortgage application by considering the money they expect to get from the sale. However, the lender has to record the exact amount the seller ends up receiving. To work out…
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When you’re buying a home, you often pay a deposit as part of your offer. This is called an “earnest money deposit.” It shows the seller you’re serious about buying the house. This deposit can help cover your down payment and closing costs when it’s time to finalize the purchase…
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Employer assistance is help from your job that can be used to pay for part of the upfront costs of buying a home. This includes help with your down payment (the initial payment when you buy a home) or closing costs (the fees you need to pay at the end…
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When you’re buying a home, you usually need to show that you have a certain amount of money for a down payment. This is your part of the home purchase price. However, if you’ve received a lump-sum grant or loan because of a disaster, you can use this money to…
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When you’re buying a home to live in, you might be able to use money given to you by certain organizations to help pay for the down payment, closing costs, or to keep as reserves in case of emergencies. This kind of help is called a grant. However, the person…
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When someone sells a house and wants to help the buyer afford it, they can offer something called a “gift of equity.” This means the seller uses part of their ownership value in the house to help the buyer with the costs. For example, if a parent is selling their…
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When buying a home to live in or as a second home, you can use money given to you as a gift to help pay for some of the costs. These costs can include your down payment (which is part of the purchase price you need to cover upfront), the…
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This section talks about how you can use money saved in retirement accounts when you’re buying a house. These accounts include individual retirement accounts (IRA/SEP/Keogh accounts) and 401(k) accounts. The money in these accounts can help you pay for your down payment, the closing costs (fees and expenses you need…
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Trust accounts are a type of financial account that you might be able to use when buying a home. If you have a trust account, the money in it can be used for your down payment, the costs you pay at closing, and your reserves. Reserves are extra money that…
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When buying a home, you might need to use some of your investments like stocks, bonds, or mutual funds to help cover the costs. This can include your down payment (the initial payment when you buy a home), closing costs (fees and expenses you pay to finalize the mortgage), and…