Attention Homebuyers: Use All of Your Assets!
It is all over the news, the stock market fluctuates reaching record highs and record lows. This is can be good news for your golden years but also good news for potential homebuyers.
Under Freddie Mac guidelines, Individual Retirement Accounts and 401(k)s, lump-sum retirement account distributions, or the proceeds from the sale of a borrower's business can be used to determine a borrower's eligibility for a mortgage. So retiring Baby Boomers and other savvy homebuyers who have limited incomes but substantial financial assets can use them to qualify for a low-rate mortgage.
Lenders have also long allowed buyers to use income from dividends, interest payments, trust distributions and Social Security income to calculate qualifying income.
Visit us at hfamiami.com for information on our first-time homebuyer mortgage and up to $15,000 in down payment assistance. To find out more about buying using your assess to buy a home, visit My Home by Freddie Mac® for information and resources to get you started.