Yes, interest rates are on the uptick – but there is NO cause for panic.


Yes, interest rates are on the uptick – but there is NO cause for panic..

via Yes, interest rates are on the uptick – but there is NO cause for panic..

 

For the most part this is fairly simple. Do you have enough assets to put the money forth to qualify for the downpayment that the particular program asks for. USDA says that there can be no money down. FHA, for now, has a 3.5% downpayment. Some loans require 20% down. These assets need to be validated through bank accounts and sometimes gifts. Can you borrower the down payment? Sometimes. Generally if you’re borrowing a secured loan against a secured asset you can use that. But rarely can cash be used as an asset. TALK TO YOUR LOAN OFFICER FIRST when discussing what’s acceptable?

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