How To Get Money For A Down Payment

June 24, 2020

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DOWN PAYMENT RESOURCE GUIDE: Visit: www.homepricebronx.com to download your free Down Payment Resource Guide that covers various down payment programs and ways for how to get money for a down payment.

FULL VIDEO: Link to full video with all 5 strategies down in comments below.

DESCRIPTION: Although homeownership is a goal for many of us, there are many hurdles we have to overcome in order to reach our real estate goals and dreams. For many of us, the most significant amongst these is gathering the assets we need for a house down payment and closing costs. In this video, we discuss five creative ways to get money for a down payment and closing costs to make financing a purchase much easier and more attainable. If you have any questions about specific NY down payment assistance options or CT down payment assistance programs, please let me know.

SUBSCRIBE: To subscribe to this channel, use this link: https://www.youtube.com/channel/UCD2t1FnuLnyoYp82u2kJTuA…. I upload educational real estate advice videos weekly, including detailed information on how to buy a home as well as sell one.

WEBSITE: You can visit my website at www.justinsimmonsbronxhomes.com to search for Bronx homes (and beyond), find real estate professionals, and to find additional real estate advice about selling and buying real estate. I hope this information helps you accomplish your real estate goals.

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CLOSED CAPTIONS:

Hello everyone, and welcome home. I hope you are having and excellent, wonderful day so far. Today, we are talking about the biggest hurdle that most of us have to overcome when it comes to purchasing a home: It’s how to get money for a down payment. So, we’re gonna be talking about five uncommon ways that you can secure money for your down payment and closing costs, and bring that goal of home ownership a lot closer to being realized. All right? So let’s get started. Now, for all our first-time viewers, my name’s Justin Simmons. I’m a licensed real estate salesperson in New York and Connecticut, with DKC Realty Group. Since this is your first time here, please take a quick second and slam that Subscribe button, and the notification bell right next to it, so you can remain up-to-date on what’s happening in real estate. Now, in terms of our down payment and closing costs hurdle, wooh, let’s get started, ’cause we wanna find out ways that we can get over this hump. First place, your job. So your place of employment may offer down payment and closing costs assistance. You may not know that they do. If you’re like me, you’ve forgotten what was told to you at your orientation, and you do not frequently review your HR handbook. So, it’s worth the time and effort to ask your HR person, go talk to the owner, if they’re available, to see if there’s any assistance that you can receive. Some employers may not provide general down payment and closing costs assistance to all their employees. Maybe it’s only for first-time home buyers, or maybe it’s only for folks that are relocating due to work. Maybe you’re working in Connecticut, you got that promotion you always wanted, now you’re in the Bronx. So they’re gonna cover some of the cost of that. But, it’s definitely, definitely worth your time just to ask to see if there is anything that you qualify for. Second thing, all my folks doing Sou-Sou, doing Partner, or any other name you have for it, this is the time to save your hand, or your payouts, depending on when you wanna purchase, how frequently you get a payout, and what the amount is, you can strategize early so you have everything you need to cover all your down payment and closing costs, or at least cover a portion of it. So it’s better to start early, and start thinking of other ways you can use your funds. My folks with the Sou-Sou or really anyone who has any money who’s not in a financial institution, you definitely wanna talk to your lender about getting your money seasoned early in the process, so you can actually use it when purchasing your home. Now, this next one is special. I don’t know how many of us know about this, because if we did, I don’t think all of this money would be sitting here. But it is for New Yorkers, and I mean the entire state. It is the New York State Office of Unclaimed Funds. That’s our third uncommon source of potential assistance. So, what is that? So think of banks, insurance companies, courts, corporations, they’re required by law to notify you, if they have any dormant accounts. So, it’s your money, but it’s still sitting there with them. Now, if they are unable to inform you, and you’re unable to access that money, you probably never got the notification, maybe there was a change of address, filing error on their end, then they’re required to turn that money over to the New York State Office of the Comptroller. So now the comptroller has the unclaimed funds or the lost money. According to the comptroller’s website, New York State currently has 16 and a half billion dollars in unclaimed funds. 16 and a half billion, okay? So that’s a lot of money, and it can go a long ways towards helping us with our purchase. So you definitely wanna go to the website to check to see if you’re owed anything, or maybe it was a relative of yours that’s owed something. Another great thing about the Office of Unclaimed Funds website, is that they list other places where you might have unclaimed funds. So we definitely want to investigate to see if we have anything there. Of course, if you like what you’re hearing so far, please be sure to slam that Like button really quick. It really helps with views and engagements. Thank you so much. Fourth place to check out, local home ownership and housing agencies and organizations. They oftentimes provide some sort of down payment or closing costs assistance. Could be in the form of a direct grant, could be in the form of a forgivable loan which if you follow the guidelines, will operate like a direct grant so you don’t have to pay it back. But they’re great resources. Not only do they provide you with home buyer education, but they provide funding that you actually need to get the house. Just to note though, if you are receiving grant money from the organization, their requirements may be more stringent than your lender. And they could complicate your transaction. So just speak with your real estate professional and your lender, and the organization about how things can be done as seamlessly as possible for you during the home-buying experience. Number five, retirement accounts. So, as you know, the government doesn’t exactly like us dipping into our retirement accounts early. They want us to have the money for retirement, which I suppose is understandable. And they don’t want us to make any unintended use of the money that’s there, because of the special tax advantages that those accounts offer. However, if you are using these funds for a first-time home purchase, you may be able to get an exemption. So, in general, if you withdraw your money early from a retirement account, there’s usually a 10% penalty, could vary depending on the account and the specific situation. And you’ll also have to pay tax on the money that you withdraw. So you get hit with a double-whammy there. Now, depending on the account, Now, depending on the account, depending on the situation, whether it’s IRA, 401 , 403 , 457 , whatever else we got out there, you may be able to withdraw the money without a penalty for your first-time home purchase. And possibly not even have to pay a tax on it. So that’s a huge benefit. I highly, highly, highly, recommend speaking with your tax advisor, financial institution, even the IRS itself, to see what situation makes the most sense for you, and how you can tap into these funds for your prospective home purchase, if you need and want to. Now as we learned, there’s a lot of different potential sources of down payment and closing costs assistance. I put together a guide with a ton of links, and different information that you can use in your search. So you can download that guide at your convenience. The link is down in the comments and descriptions below. Please be sure to subscribe to the channel, so you can stay up to date on the real in real estate. Thank you so much and have a great day. Bye.