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Applying for a Mortgage: Assets

(A conversation with Shawn Yocum from AnnieMac Home Mortgage.)

Um, when you're looking at your assets, a lot of times people say, Well, I don't really have any. That's okay. Because you are able to get gift money. Like if a family member wants to give gifts and put that towards your house, and you can also get this grant and you can get in with as little as 3% down conventional or FHA, three and a half. Um, talk a little bit more about what qualifies as an asset. Like what's an asset. So an asset would be something you have in the bank. It's important if you're thinking of buying in the next year and you don't have a bank account, open up a bank account. And you want to open up the bank account with maybe having your, uh, PayPal directly deposited into that so we can source your salary. Um, another asset would be a 401K. You're able to use your 401K to purchase a house. You have to pay it back. Um, but say you have $10,000 in a 401K. You can use about 7000 of that towards closing costs without getting penalty. Is that a percentage of what's in there? Yes. And every retirement is different. So you want to contact whomever holds your retirement account, and they'll let you know how much you can borrow. But you can use that for closing costs. Another asset might be a stock. Do you have any stocks? So they're all good sources that we can use for closing. Okay. Money in the bank. Stocks. 401k. Yeah. Excellent. Or gift. Or gift. Yeah. All those family members. Yeah. You just have to find a family member that's willing to give it.

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