gift funds Archives - San Diego Purchase and Refinance Loans

by Chad Baker February 24, 2022

Frequently Asked Questions About the HomeReady Program

Homeownership can be difficult. Simply obtaining a mortgage, which requires a strong income, sizable downpayment, and decent credit score, can be challenging. Realizing that many low-income people struggle to reach mortgage approval, Fannie Mae, a government-supported company, created the HomeReady…

The (Current) Tax Code and Implications on Gift Taxes

by Chad Baker November 10, 2020 0Comments

The downpayment for a mortgage loan is often the largest hurdle between a would-be buyer and homeownership. For this reason, many buyers receive cash gifts from relatives, using the money to jumpstart their purchase. But you may need to pay a…

When Can You Use a Financial Gift for a Downpayment?

by Chad Baker March 25, 2020 0Comments

The downpayment is one of the biggest hurdles to homeownership. So big, in fact, that is keeps many would-be borrowers from getting the home they deserve. This is understandable, as even a minimal downpayment can equal thousands of dollars. For…

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Mortgage Loans for Dreamers are a Real Possibility!

by Chad Baker January 15, 2020 0Comments

If you are a “Dreamer,” one of the hundreds of thousands who have benefited from the Deferred Action for Childhood Arrivals policy, you may assume that getting a home loan would be a challenge. After all, you are not an official…

Six Ways to Increase Your Chances of FHA Financing Approval

by Chad Baker August 6, 2019 0Comments

Of all the ways to complete a home purchase, using FHA financing is often the most popular. These loans have convenient terms that make them available to numerous borrowers, and with affordable rates, many people can get a great deal on their…

Use These Simple Tips to Secure Your Bank Statement Mortgage

by Chad Baker July 16, 2019 0Comments

If you are self employed, or if you work on a commission-based salary, you must understand the benefits of bank statement loans. Traditional loans require paystubs and tax returns to verify income, but many professionals work in careers that make using these…

Young couple receiving keys to first home

Seven Reasons Why Our Minimum-Down-Payment Program is Great for First-Time Buyers

by Chad Baker March 15, 2019 0Comments

As a first-time homebuyer, you have a lot to consider. There are new terms, new information, and important concepts to learn. In many cases, the confusion is compounded by “advice” from friends, family, real estate agents, lenders, and more; advice…

Top 7 Features of Our Minimum-Down-Payment Jumbo Mortgage Program

by Chad Baker February 8, 2019 0Comments

If you are looking for a jumbo loan with a low down payment, you may find a lot of options. But not all jumbo loans are built the same. Our minimum-down-payment loans have many features that make them extremely…

The Documents You’ll Need for No-Income Investment-Property Loans

by Chad Baker February 6, 2019 0Comments

No-income investment property loans are a wonderful tool for numerous investors across the country. They allow investors under specific circumstances to qualify for loans with greater efficiency and convenience, and allow people to enhance their portfolio, even if they already own multiple…

How Borrowers Can Use Gift Funds for Jumbo-Loan Approval

by Chad Baker January 30, 2019 0Comments

Generating all the funds you need for mortgage down payments and reserve requirements can be difficult. Equaling thousands of dollars, and in some cases tens of thousands, this can be a significant burden for many people. If you are looking at a…

What Every Borrower Needs to Know About Reserve Requirements for Jumbo Loans

by Chad Baker January 23, 2019 0Comments

Everyone knows about down payments for purchasing a home, but many don’t understand, or have never heard of, reserve requirements. Every time a lender or bank makes a loan, they assume a certain degree of risk, and the industry has…

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