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How To Use Gift Money for a Down Payment

What’s the next step during your home search after you get additional funds for your down payment from your family. Get educated on what you need to know with regards to gift money. Personal Loans vs. Gift MoneyWhile you may be quite thrilled that your bank account suddenly has a larger down payment and you…

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PMI - mortgage insurance

Why PMI is on the Road to Wealth for California Homeowners

Today’s homeowners are building wealth like never before. Perhaps it is the increasing population in major cities and urban sprawl. It is not always so easy to pinpoint the exact cause when there’s numerous variables. The average appreciation over the course of 2018 should be 4.8%, which is still greater than the “normal” appreciation of…

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low down payments

More Than 25% of California Homes Were Bought with Down Payments of 3.5% or Less

A research report compiled by the Urban Institute shows that almost 30% of home buyers in California purchased a home with a down payment of 3.5% or less in 2017. Home buyers who put down 20% or more represented 42% of transactions. These statistics show more proof to quash the popular myth that all home…

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Irvine funds for down payment

How Much is a 20-percent Down Payment on a Median-Priced Home in Irvine, CA?

As of June 27, 2018, Trulia reports that a median-sales price for a home in Irvine, CA is $839,000. That means a 20% down payment would be $167,800. Keep reading to learn why yours could be a lot smaller than that. Qualified borrowers don’t necessarily need to come in with a 20% down payment when…

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choices down payment

What Is the Average Down Payment in Orange County, CA?

Based on recent studies, The Los Angeles / Orange County area is one of the ten U.S. metros with home buyers making the highest average down payment. A research group from Realtor.com conducted the March study, and found that the average down payment among home buyers in L.A. and neighboring Orange County was 17.9%. Their…

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gift money

Down Payment Gift Rules from a Friend or Relative

For a lot of home buyers in California, there are two major challenges to purchasing a home, especially in coastal areas. Those are the down payment and closing costs. In Orange County, California, a designated high-cost area, conforming loan limits are capped at $679,650 for single-family homes, and 2-unit, 3-unit, 4-unit homes can be as…

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gift with eyes closed

Down Payment Gift Rules for Borrowers

For low and moderate-income borrowers with limited savings, including first-time homebuyers, it can be a struggle to come up with down payment funds, so a substantial amount of money can be donated or gifted to help them. In high-cost areas like Orange County, L.A., and San Diego counties, the maximum conventional loan limits are $636,150…

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money in a jar

5 Reasons to Make a 20-percent Down Payment

Please look at the graphic below when it comes to making a down payment of 20% or more and some of the benefits.     Share this Image On Your Site </p><br /> <p><strong>Please include attribution to 1st NWM with this graphic.</strong></p><br /> <p><a href=’https://www.1stnwm.com/blog/5-reasons-make-20-percent-payment/’><img src=’https://www.1stnwm.com/blog/wp-content/uploads/2016/10/5-reasons-down-payment-w.jpg’ alt=’Benefits of a 20-percent Down Payment ‘ width=’540px’ border=’0′…

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