Purchasing A Home – We all know that buying a new home can be one of the most exciting and rewarding experiences you will have in a lifetime. At Ascent Home Loans of Santa Rosa, we do not  subscribe to the cookie cutter theory, where all borrowers fit into a few chosen loan programs. Are purchase programs are customized to each and every individual borrowers lending needs.

When it comes to purchasing a home, many borrowers are concerned about the down payment. But what most borrowers don't know is that there are several ways to afford a down payment on their potential new home.

When qualifying for a low down payment loan, the borrower must realize that there are many components that go into applying for these types of loans. A few of these are whether the borrower has a good credit rating and sufficient income to make the monthly payments. There are several other that you may want to discuss with your Ascent Home Loans mortgage professional prior to applying.

Other ways to obtain the down payment for your dream home is through down payment gifts, or through your company 401K. A gift is the process in which a family member or friend gifts you the money needed for the down payment. However, the amount of the gift allowed can vary between loan programs, so contact your loan professional for more information. In regards to using you 401K as part of your down payment. Many companies offer their employees programs that allow them to withdraw from their 401k for the purpose of a down payment, without paying any penalties.

Many cities also have assistance programs such as the Bay Area Lending Initiative which services the counties of Alameda, Marin, Napa, San Mateo, Santa Clara, Solano and Sonoma.

There are many other ways of affording a down payment, so contact your loan professional from Ascent Home Loans of Santa Rosa at 707-494-8532 or toll free at 877-392-0674.

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