Weston Real Estate Articles

Weston Articles 07 Highlights of Weston Buying a home in the City of Weston is the best choice for your retirement Getting the money for a down payment Weston City celebrates the 15th Annual Presidents' Fest In the Park Things to do when visiting Weston to buy a home Shopping in Weston The Palace at Weston: First Luxury condo living for active adults Buying a home in Weston is a great Real Estate investment Broward County: Fifth Annual Water Matters Day event Best time to buy a home in the City of Weston: It’s buyers’ market! Weston Articles 06

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Getting the money for a down payment

You have dreamed to become a homeowner for years and have saved as much as you could to buy a home in the City of Weston. You and your wife have steady jobs. You can be approved for a mortgage loan. However, you don’t have the total amount for the down payment. There are some options for you to choose from and buy the home of your dreams. How about getting a gift from a relative? Did you know that anyone in the family can give $11,000 as a gift without having tax implications during the course of one year? It has been seen that family members are regularly a good source when needing money and, making a down payment to buy a home coming from a family member are generally well accepted.  Another option within the family could be an Intra-family loan .
There are other ways for you to get the money you need to make the down payment like 401k where you can borrow up to $50,000, or 50 percent of your 401k. But, keep in mind that if you lose your job or an unexpected event happens, you will have to pay the loan back in no more than 60 days with no exception.
There is another one called Seller financing where you can make some kind of arrangements with the seller directly along with your Real Estate Agent. The seller agrees in taking a second mortgage or a portion of it in order to make the difference where the buyer has two mortgage payments: the principal and the seller. This may requires you to pay a more higher interest rate.

.NATALIA ARIAS - Lic. Real Estate Broker. 9594 Nw 41St. Street #103 - Doral, FL 33178 Office: 305.599.1817 Cel: 786.306.5395 Fax: 1866.565.4943 E-Mail - contact@blueonerealty.com .................................................... webmaster@besthomeinmiami.com © YourWestonDreamHome.com - All rights reserved.